Investment firm Cantor Fitzgerald will receive $135 million from American Airlines as part of a settlement in a lawsuit related to the terrorist attacks on September 11.
The firm had sued the airline in 2004 saying that American had failed to stop the hijackers who crashed an American Airlines aircraft into the north tower of the World Trade Center where Cantor Fitzgerald had its offices. The firm lost 658 employees in the attack.
“For us, there is no way to describe this compromise with inapt words like ordinary, fair or reasonable,” Cantor Chief Executive Officer Howard Lutnick told Bloomberg News in an e-mailed statement. “All we can say is that the legal formality of this matter is over.”
American said its insurers have agreed to settle the claims. The company issued this statement:
"American Airlines and the courageous crew members and passengers on Flight 77 and Flight 11 were all victims of the terrorist attacks of Sept. 11, 2001. American has vigorously defended itself in litigation brought against it by property owners and their insurers who allege that American should have done what the government could not do: prevent the terrorist attacks. Our insurers have agreed to settle the claims by Cantor Fitzgerald. Although this settlement ends these particular legal disputes, American will forever honor the memory of the true victims and selfless heroes of 9/11."