Cantor Fitzgerald LP and four managing directors who left to join a China-backed investment bank Reorient Group Ltd. (376) agreed to settle their lawsuit, according to a Hong Kong stock exchange statement.
Reorient said it has been informed by Jason Boyer, Bradford Ainslie, Brett McGonegal and Uwe Parpart that Cantor won’t proceed with its planned appeal of a Hong Kong judgment that dismissed its claims.
The Europe and Hong Kong units of Cantor had sought HK$8.7 million ($1.1 million) in damages from the four executives, accusing them of breaching their employment contracts and causing a 29 percent drop in its average monthly revenue in the city.
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