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INTL FUND v. CANTOR L.P.

650736/2012.

41 Misc.3d 770 (2013)

972 N.Y.S.2d 469

2013 NY Slip Op 23318

INTERNATIONAL PAINTERS AND ALLIED TRADES INDUSTRY PENSION FUND, Derivatively on Behalf of Nominal Defendant BGC PARTNERS, INC., Plaintiff, v. CANTOR FITZGERALD, L.P., et al., Defendants, and BGC PARTNERS, INC., Nominal Defendant.

Supreme Court, New York County.

Decided September 23, 2013.

Attorney(s) appearing for the Case

Mayer Brown LLP ( Joseph De Simone , Bradford Jealous III , Michele L. Odorizzi and Jonathan C. Medow of counsel) for defendants. Kessler Topaz Meltzer & Check LLP ( Robin Winchester of counsel), Cohen Placitella & Roth P.C. ( Stewart L. Cohen of counsel) and Wolf Popper LLP ( Carl L. Stine of counsel) for plaintiff.

OPINION OF THE COURT

EILEEN BRANSTEN, J.

In this shareholder derivative action, plaintiff International Painters and Allied Trades Industry Pension Fund brings suit on behalf of nominal defendant BGC Partners, Inc. (BGCP), asserting claims for breach of fiduciary duty and unjust enrichment that stem from three transactions entered into by BGCP's Board of Directors (Board). Defendants Cantor Fitzgerald, L.P., CF Group Management, Inc., and Cantor Fitzgerald...

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