As Trial Resumes, Defendants Iris Cantor and Rod Fisher Face Serious Penalties for Their Deliberate Breach of Contract and Deliberate Breach of Fiduciary Duty.NEW YORK--(BUSINESS WIRE)--April 19, 1999-- As the breach of fiduciary duty and breach of contract trial of Iris Cantor and Rod Fisher resumes Monday, April 19th, defendants Cantor and Fisher face serious penalties stemming from their damaging actions taken against Cantor Fitzgerald, L.P. There are a broad range of penalties which may be imposed upon them including (i) denial of millions of dollars in revenue from the Partnership for the period during which they were in breach of the agreement (ii) Cantor and Fisher being required to redeem their partnership units and exit the partnership. Chicago Board Brokerage (CBB CBB Celebrity Big Brother CBB College van Beroep voor het Bedrijfsleven (Dutch) CBB Cattlemen's Beef Board CBB Coalition for Buzzards Bay CBB Could Be Better (visual effects) CBB Can't Be Bothered ) and Market Data Corporation (of which Rod Fisher is the Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ) also face penalties for their role in the illegal competition which gave rise to this case. Market Data Corporation (MDC (1) (Mobile Daughter Card) See riser card. (2) See Meta Data Coalition. ) could be enjoined from competing with Cantor Fitzgerald and Chicago Board Brokerage (whose parent companies are the Chicago Board of Trade Chicago Board of Trade (CBOT) The second largest futures exchange in the US, and a pioneer in the development of financial futures and options. and Prebon Yamane) could be banned from entering the U.S. Treasuries business for a significant period of time and be subjected to economic penalties Counsel for Cantor Fitzgerald Rodman Ward, of Skadden, Arps, Slate, Meagher & Flom LLP LLP - Lower Layer Protocol said, "We look forward to proceeding with the core issue of this case: illegal competition and deliberate breach of a clear and unambiguous Partnership Agreement. The question which now must be resolved is, how will the Delaware Court deal with the serious issue of partners who have engaged in illegal competition and committed breach of fiduciary duty and breach of contract." In April of 1998, Cantor Fitzgerald, L.P. (CFLP CFLP California Foreign Language Project (Stanford University School of Education; Stanford, CA) CFLP China Federation of Logistics and Purchasing CFLP Cleavase Fragment Length Polymorphism ) filed suit alleging that three of the firms limited partners, working through Market Data corporation, a firm they controlled, developed and sold technology to Chicago Board Brokerage, a start-up firm which seeks to compete with CFLP. The suit charged the three partners, Iris Cantor, Cantor Fitzgerald, Inc., (CFI) a firm controlled by Iris Cantor and Rodney Fisher with breach of fiduciary duty, breach of contract and unjust enrichment. Also charge with tortious interference and aiding and abetting a·bet tr.v. a·bet·ted, a·bet·ting, a·bets 1. To approve, encourage, and support (an action or a plan of action); urge and help on. 2. the breach of contract were MDC and CBB. *Note- You can obtain more information on the history of what gave rise to Monday's trial of Iris Cantor and Rod Fisher by visiting www.cantor.com |
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