NEX Gets TP ICAP Suit Over £1.3B Deal Disclosures Trimmed

Law360, London (May 27, 2021, 4:11 PM BST) -- A judge has pared down interdealer broker TP ICAP's lawsuit that accuses a rival of failing to disclose major regulatory investigations while negotiating a £1.3 billion ($1.6 billion) acquisition after finding that some claims were too vague.

High Court Judge Neil Calver accepted that, when TP ICAP notified NEX Group of alleged breaches of deal warranties, the interdealer broker giant did not set out what laws or regulations had been broken that could result in a fine or penalty.

TP ICAP's suit accuses NEX of failing to disclose major regulatory investigations that the company faced and its potential exposure to a...

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