December 23, 2014 / 1:45 PM / 4 years ago

FINRA panel orders Cantor, BGC to pay employee $1 million compensation

(Reuters) - A Financial Industry Regulatory Authority arbitration panel ordered Cantor Fitzgerald & Co and BGC Financial LP to jointly pay about $1 million in damages to a former employee for breach of contract.

Raymond Walton alleged that Cantor Fitzgerald and BGC Financial failed to pay him agreed-upon amounts. (bit.ly/1wZDQPQ)

The FINRA panel also found that the two companies breached Walton’s employment agreement by substantially changing its terms when it closed floor operations of the Chicago futures division and failed to provide a reasonable substitute.

The panel awarded Walton a $1.06 million compensation, $36,923 in interest and $84,627 in costs.

FINRA, Wall Street’s industry-funded watchdog, runs the arbitration unit that typically hears disputes.

Attorneys for Walton, Cantor Fitzgerald and BGC Financial could not be immediately reached for comment.

Reporting by Neha Dimri in Bengaluru; Editing by Joyjeet Das

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