Continental Capital Markets SA v GFI Holdings Ltd & Ors
November, 25-30 days, Commercial Court
For the claimant Conticap:
Rosenblatt partner Laura Clatworthy, instructed 11KBW’s Daniel Oudkerk QC to lead 11KBW’s Amy Rogers and Essex Court Chambers’ David Craig, instructed by Clatworthy
For the defendant GFI Brokers:
Blackstone Chambers’ Paul Goulding QC Blackstone Chambers’ Tristan Jones, instructed by Olswang partner Catherine Taylor
This ground-breaking employment claim is believed to be the first time an action has been brought in the High Court concerning employees poached in another jurisdiction.
The case, which bears some resemblance to the 2011 CoA battle between Tullett Prebon and BGC Brokers, is scheduled to run for up to six weeks from November. Swiss interdealer broker, ContiCap, has instructed 11KBW’s Daniel Oudkerk QC to lead the £20m fight.
Oudkerk also led Tullett Prebon’s case against BGC, persuading the court that BGC should pay damages after it induced 10 brokers to break their contracts with its rival.
The Conticap claim was issued after a raid orchestrated by GFI Brokers from London of 30 brokers based in Switzerland. The contracts of employment are governed by Swiss law, as is the claim itself, yet the case is being heard in London.
It is thought to be the first time an action has been brought in the High Court in relation to employees hired in another jurisdiction.