ICAP, the world’s largest broker of trades between banks, and Compagnie Financiere Tradition are settling their conflict over 38 brokers in Singapore, Bloomberg reports. ICAP’s Singapore unit filed a lawsuit against the employees in September to stop them from defecting and also sued Tradition for hiring them.
The brokers breached their contract by not serving the full term and submitting resignations before the allowed deadline. Tradition did not accept the charges and said that brokers left ICAP due to serious mismanagement. The brokers also said that they were not treated well at ICAP.
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