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TP ICAP Sues Former Deal Partner Over Disclosure Failures

Law360, London (December 17, 2018, 11:01 PM GMT) -- Interdealer broker giant TP ICAP has sued Nex Group Ltd. in London, claiming the trading company failed to disclose risks of litigation linked to its employee income insurance plan when negotiating the £1.3 billion ($1.6 billion) deal for Nex's voice broker group. 

The lawsuit comes two years after Tullett Prebon bought the voice broking business of Nex, then known as ICAP, and renamed itself TP ICAP. In a Nov. 20 claim, TP ICAP alleged Nex breached a warranty that promised the firm was not exposed to significant litigation.

In its U.K. suit, TP ICAP alleged it may face at least £15...

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