BGC Partners settles fraud lawsuit against former London partner
US broker BGC Partners has settled a fraud claim it brought against a former long-serving London partner a week before the trial was due to take place.
The broker, via subsidiary Tower Bridge International, launched a lawsuit against former partner Xavier Alcan, former BGC tax adviser Michael Viney and his girlfriend Hallelujah King back in December 2020.
According to BGC claim form, the men were accused of carrying out multiple frauds between January 2015 to late 2020, including allegations Alcan took part in a $35m scheme to defraud the broker.
The claim alleged Alcan had “encouraged” Viney to funnel millions of pounds of company money owed to HMRC and BGC into the personal bank accounts of Alcan, Viney and King.
While the company dropped its claim against Viney and King, the case again Alcan was due to go to trial at the High Court next week.
According to the Financial Times, the parties have reached a settlement. The value of the settlement has not been disclosed. The High Court filing system also updated this claim as ‘stayed’.
Viney’s LinkedIn account states he left the company in June 2022, while the Financial Times reported that Alcan no longer works at BGC.
The broker was represented by Bryan Cave Leighton Paisner, while Alcan instructed Taylor Wessing.
Both firms were contacted for comment.