Income Asset Management Group (ASX:IAM) moved into confidential mediation as part of its ongoing legal proceedings with BGC Partners (BGC), trading as Fixed Income Solutions, according to a March 7 filing with the Australian bourse.
The lawsuit alleges that two of IAM's employees breached restraint of trade provisions in their previous employment contracts with BGC, the filing said.
IAM is accused of inducing these breaches, and BGC is seeking damages and costs, the filing added.
The company denies the claims and is vigorously defending the case, continuing to incur legal expenses while its insurer reviews the policy coverage, per the filing.
In the same filing, IAM said it transitioned nearly AU$1.8 billion of client bond and loan assets to Perpetual Corporate Trust, expected to boost its annual financial performance by AU$600,000 annually from fiscal 2026.
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