The two-year civil war that exposed bitter differences among partners in mega-broker Cantor Fitzgerald might be near an end after a ruling that the widow of CFLP’s founder and her nephew willfully violated the partnership agreement and engaged in unlawful competition against the bond broker.
On March 13, Vice Chancellor Myron T. Steele dealt a death-blow to Iris Cantor and Rodney Fisher’s attempts to peddle electronic trading software developed by a CFLP spin-off to CFLP competitors. Steele held that investors in Delaware limited partnerships such as Iris Cantor and Fisher can be subject to fiduciary duties like non-compete provisions if those duties are spelled out in the partnership agreement.
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