Cantor Sues Ex-Bankers’ Firm, Claiming Millions in Stolen Profit

Cantor Fitzgerald LP sued a firm launched by a group of its former investment bankers, accusing them of stealing clients worth millions of dollars in profit.

The lawsuit filed by Cantor late Friday against PEI Global Partners Holdings LLC is the latest twist in a yearslong dispute between the securities firm and a group it recruited in 2018 to start a power, energy and infrastructure banking team. Kevin Phillips, John Bills and Schuyler Fabian departed in 2021 to found PEI.

According to the suit, they began soliciting Cantor clients “in clear violation of their term employment contracts” days after ...