Lutnick Says ‘No Way’ He Acted Improperly in $875 Million Deal

Cantor Fitzgerald LP Chief Executive Officer Howard Lutnick strongly denied using threats and intimidation to push through the $875 million sale of a Cantor-owned mortgage lender to another company he controlled.

“No way,” the billionaire said Thursday in Delaware Chancery Court when asked if he acted inappropriately in getting directors at brokerage BGC Partners Inc., where Lutnick was also chairman, to approve its 2017 acquisition of Berkeley Point Financial LLC from a Cantor subsidiary.

Howard Lutnick

Photographer: Andrew Harrer/Bloomberg

Lutnick took the stand in a suit by pension funds that invested in BGC and who claim he engineered the Berkeley deal to “misappropriate ...