Company, airline settle on loss caused by 9/11 attack
December 16, 2013, 12:16 am TWN
NEW YORK--Cantor Fitzgerald has agreed to settle a lawsuit against American Airlines Group Inc. and its insurers over business and property losses stemming from the Sept. 11, 2001, attacks on the World Trade Center, in which the Wall Street company lost 658 employees.
The settlement in principle averts a trial that had been slated to begin next month, and was disclosed by lawyers for both companies at a hearing on Thursday in the U.S. District Court in Manhattan. Terms were not disclosed.
U.S. District Judge Alvin Hellerstein will consider approval at a hearing on Jan. 13, 2014, court records show.
Cantor lost nearly two-thirds of its roughly 1,000 local employees after American Airlines Flight 11 struck the World Trade Center's north tower, where the financial services company had occupied the top floors.
The company had at one time sought US$1.1 billion of damages in its lawsuit against American, but that sum was later reduced to between US$464 million and US$489 million.