Cantor Fitzgerald to Settle 9/11 Lawsuit Against American Airlines

NY Times ^ | Dec 13, 2013 | BENJAMIN WEISER

[Innovative]

The Wall Street firm Cantor Fitzgerald has agreed to settle a 2004 lawsuit against American Airlines and its insurers over Cantor’s business and property losses resulting from the Sept. 11 attack on the World Trade Center.

Cantor lost 658 of its nearly 1,000 New York employees when American Airlines Flight 11 crashed into the trade center’s north tower, where Cantor headquarters occupied top floors.

The amount of the deal was not revealed, although it is expected to be after the deal is made final, the lawyers said. Cantor had demanded as much as $1.1 billion in damages, after insurance recoveries, although that figure was later reduced to between $400 million and $500 million.

[Innovative]

I think this is a new low -- it was certainly a devastating event, but it was a terror attack. To sue and hold American Airlines responsible shows you a new low in litigations.

[stylin19a]

Cantor’s lawsuit focused on the firm’s business-interruption losses.

Cantor was back in business within a week...I wonder how much they lost ?

[Ciexyz]

WTF - it was a terrorist attack. Makes no sense.

[Mears]

Astonishing. A lawsuit?

Some times I think I’m going insane.

.

[who_would_fardels_bear]

In what way was American at fault? If CF's claim is that AA was too lax in determining who got on board, then that is how airlines were run at the time and much of modern business.

I can go to a ball game and buy tickets at the stadium and go into the stadium with a ticket someone else purchased. If I was up to no good then could someone sue the stadium because they let me in with a valid ticket purchased by someone else?

Also, my understanding is that the terrorists were able to gain control with mere box cutters. Were box cutters a prohibited item at the time? No.

Maybe they would have grounds because AA didn't lock the pilots in the cockpit. But it was standard acceptable procedure for all cockpit doors to be unlocked.

I'm kinda' interested in how they won the lawsuit. But then again it might be too depressing to learn what passes for justification these days.

[Innovative]

Also— C-F got paid by their insurance company for their losses — I can’t find the source at the moment but I remember reading it.

[Texas Eagle]

Sickening.

[Maceman]

I'm kinda' interested in how they won the lawsuit.

They didn't win the lawsuit. They settled, which means it never went to verdict. The article doesn't say how much they settled for. But it doesn't sound like they thought it was a slam dunk case.

[NautiNurse]

IIRC, Cantor’s CEO Lutnick was always crying during frequent television interviews in the 9-11 aftermath. Meanwhile, Lutnick had immediately halted paychecks for missing employees before the dust had settled from the WTC towers collapse. It all seemed odd and rather distasteful in the days following 9-11.

[Ann Archy]

What a FREAKING CREEP that owner is!!! AMerican Airlines Had NOTHING to do with this terror!!! MONEY GRUBBER LEFTY!!!