Cantor Fitzgerald Accuses Data Firm of ‘Extortion’ in Lawsuit

Cantor Fitzgerald sued the firm that hosts some of its “most critical and sensitive data,” claiming IT Convergence Inc. tried to “extort” money from it.

According to a lawsuit filed Wednesday in New York state court, Cantor sought to migrate its data to Oracle Corp. from ITC, which had hosted it since 2013, starting on June 1. The data includes financial books and records for Cantor and affiliates including Newmark Group and BGC Group.

Instead of cooperating, ITC “seized the opportunity to extort Cantor” by demanding an immediate wire transfer of more than $700,000 “in invented costs and fees that ...