Tullett Prebon has filed a lawsuit against competitor BGC Partners after it allegedly landed a team of 81 traders from Tullett in New York and New Jersey in the latest legal dispute between the two bitter rivals.

In a complaint filed in New Jersey on October 22 Tullett said it took the action in response to the persistent efforts by its direct competitor, BGC Partners, to cripple Tullett's inter-dealer broker business on a global scale. BGC was unavailable for comment.