BGC Partners Directors Sued Over Berkeley Point Acquisition (1)

Directors of BGC Partners Inc., the interdealer broker spun off from Cantor Fitzgerald LP, were sued by a pension fund claiming they rolled over on an $875 million acquisition of a real estate lender from a Cantor unit.

The union pension fund says BGC’s and Cantor’s 2017 purchase of Berkeley Point Financial LLC from Cantor Commercial Real Estate Co. was flawed by conflicts of interest and a pliant group of directors, who deferred to Cantor’s chief executive Howard Lutnick.

Directors were “dominated and controlled by Cantor and Lutnick,’’ resulting in “unfair payments by BGC to Cantor affiliates,’’ the pension fund ...