Michael spencer icap
"It is our submission that bullying is a hallmark of Cantor Fitzgerald and undue pressure is precisely what occurred here," Andrew Hochhauser said. ICAP says the three former employees are claiming 'constructive dismissal' - essentially that they were so badly treated they had to leave. In a court in London, ICAP's lawyer Andrew Hochhauser argued that the traders' former boss Daniel LaVecchia was "domineering and bullying". The case centres on three brokers, Edward Bird, Spencer Gill and Luigi Boucher, who have worked for ICAP's Garban-Intercapital unit since April. It is common practice to recruit staff from rival organisations, but Cantor argues that its rival systematically planned to poach its staff following 11 September. It also wants an injunction on ICAP to prevent it approaching any of their employees in the next six months. Lawyers for ICAP however argued in a London court on Thursday that the three employees that defected did so because they had been badly treated and were being forced to swap their fixed salary for a commission-based one.Ĭantor is demanding unspecified damages from the three traders for breaking their contracts, as well as the return of bonuses and a loan to one of the traders. E-mail from Michael Spencer, ICAP chief executiveĬantor claims that financial firm ICAP's Garban - Intercapital unit tried to exploit its weakness after the attacks by poaching three of its key traders.