Brokers call halt to 'poaching' feud

RIVAL money brokers Cantor Fitzgerald and ICAP have settled an acrimonious legal battle that lifted the lid on the fast-living lifestyle of their staff.

The firms were due to return to the High Court on Monday, but an undisclosed settlement was reached this weekend.

Cantor Fitzgerald launched an appeal after losing its claim that ICAP had poached three brokers in a cynical attempt to destroy its business, just months after Cantor suffered the loss of 658 employees in the World Trade Centre attacks.

The three were among the best performers at Cantor Fitzgerald, which in court highlighted an e- mail from Michael Spencer, chief executive at ICAP, that said: 'Oh, I would love to put one up their bottoms...'

Mr Justice McCombe concluded that two brokers, Edward Bird and Spencer Gill, had been put under such extreme and abusive pressure by Cantor to sign a new pay deal that it amounted to a breach of their contracts. But he ruled that the third employee, Luigi Boucher, had breached his contract 'at the inducement of ICAP'.

Both firms had claimed victory after the ruling, but later launched appeals.

The 15-day High Court battle last year painted a graphic picture of highearning City brokers who engaged in juvenile antics and were unable to utter a sentence without a liberal smattering of four-letter words. The judge was also told that 80% of City brokers visited lapdancing club Spearmint Rhino on a Thursday night. He lamented: 'The use of obscenities was commonplace and part of the ambience of the business.'