City firm 'plotted heist on rival'

A city brokerage company plotted a "systematic and carefully planned" raid of key staff from Cantor Fitzgerald after hundreds of Cantor employees were killed in the 11 September terrorist attacks, the High Court has heard.

Internal company e-mails from City rivals Icap indicated the company was planning a "heist" as Cantor struggled to rebuild its business after 658 employees died while working in the World Trade Centre.

In an internal e-mail, on 11 October, Icap's chief executive, Michael Spencer, was alleged to have said: "I would love to plan a heist." In another, he was said to have written: "I would love to put one up their bottom ..."

Mr Justice McCombe was told that three brokers – Edward Bird, Spencer Gill and Luigi Boucher – left Cantor for Icap in April this year before their contracts expired. One waited until he had taken a holiday in the Maldives, paid for by Cantor, before leaving.

Andrew Hillier QC, appearing for Cantor at the High Court in London, said the e-mail was part of a "concerted campaign" by Icap to attack the interest-swaps desk.

Mr Spencer sent another e-mail on 25 October when he stated: "This is the time I have been waiting for for just a few years!!!" Mr Hillier told the judge: "This was a time Mr Spencer was waiting for – Cantor at a weak stage."

He said Cantor wanted damages from the three for breaking their contracts, the return of a loan to Mr Gill and the return of bonuses paid to all three. It also wants Icap to pay damages and for Icap to be banned from approaching its employees for six months.

The hearing, which started on Tuesday, is expected to resume today.