Broker Accuses Rival Of Bad Faith In Refusing To Cut Fees

Law360, London (June 9, 2021, 4:55 PM BST) -- A brokerage has argued that it does not owe OBEX Securities £1.7 million ($2.4 million) in introduction fees because the U.S. investment firm failed to act in good faith by refusing to renegotiate the fees down in line with what a client was paying.

Cowen International Ltd. said in a June 2 defense filing that OBEX Securities LLC, a New York investment firm, rejected "fair and reasonable" proposals made by the London company that it should lower the fees that it owed for new clients. The charges were a fee-sharing arrangement made in June 2019 in which OBEX was entitled to a...

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