BGC Partners Directors Must Face Suit Over Cantor-Unit Purchase

Directors of broker BGC Partners Inc. must face lawsuits from investors who say the company’s $875 million purchase of a real-estate lender was at an inflated price and was a sweetheart deal for BGC’s former parent company, Cantor Fitzgerald LP, and its billionaire chairman.

Delaware Chancery Judge Andre Bouchard concluded the investors had enough evidence of ties between three BGC directors and Cantor Chairman Howard Lutnick to move the case forward. BGC, which was spun off from Cantor in 2004, acquired Berkeley Point Financial LLC from Cantor Commercial Real Estate Co. in 2017. Lutnick is also BGC’s chairman.

Allegations ...