Tullett Prebon Plc & Ors v BGC Brokers LP & Ors

Tullett Prebon Plc & Ors v BGC Brokers LP & Ors

The Court found that the judge was correct in law and fact to reject the brokers’ claims of constructive dismissal, as Tullett’s conduct did not amount to a repudiatory breach of the implied term of trust and confidence. The Court further held that BGC’s conduct towards the Tullett Three amounted to anticipatory and repudiatory breach of the forward contracts, entitling the Tullett Three to terminate those contracts. Obligations of trust and confidence can arise under forward contracts as appropriate to the circumstances. The appeal was dismissed on all grounds.

Parties
Claimants/respondents: Tullett Prebon PLC & Ors; Defendants/appellants: BGC Brokers LP & Ors
Jurisdiction
England and Wales
Judgment Date
22 February 2011
Procedural Posture
Civil Appeal / Appeal From High Court (queen’s Bench Division)
Outcome
Appeal dismissed
Legal Topics
Constructive Dismissal, Inducement of Breach of Contract, Unlawful Means Conspiracy, Implied Term of Trust and Confidence
Employment Law Contract Law Tort Law Constructive Dismissal Inducement of Breach of Contract Unlawful Means Conspiracy Implied Term of Trust and Confidence

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Parties

Tullett Prebon PLC & Ors

Claimants/respondents

BGC Brokers LP & Ors

Defendants/appellants

Procedural Posture

Civil Appeal / Appeal From High Court (queen’s Bench Division)

Legal Issues

  1. 1 Whether the defendant brokers were constructively dismissed by Tullett
  2. 2 Whether Tullett induced the Tullett Three to breach their forward contracts with BGC
  3. 3 Whether BGC’s conduct amounted to a repudiatory breach of the forward contracts with the Tullett Three

Ratio Decidendi

The Court found that the judge was correct in law and fact to reject the brokers’ claims of constructive dismissal, as Tullett’s conduct did not amount to a repudiatory breach of the implied term of trust and confidence. The Court further held that BGC’s conduct towards the Tullett Three amounted to anticipatory and repudiatory breach of the forward contracts, entitling the Tullett Three to terminate those contracts. Obligations of trust and confidence can arise under forward contracts as appropriate to the circumstances. The appeal was dismissed on all grounds.

Court Disposition

Appeal dismissed

Orders

  • BGC’s appeal dismissed on all grounds
  • Renewed applications for permission to appeal on further grounds refused