NY company settles suit with American Airlines after 9/11
Sat, 14 Dec 2013 01:33:01 GMT —
New York-based financial services firm Cantor Fitzgerald says it has nearly completed a deal with American Airlines and insurance carriers to settle a lawsuit it brought after the Sept. 11 attacks killed 658 of its 1,000 employees.
Cantor Fitzgerald attorney John Stoviak told a federal judge at a Manhattan hearing Thursday a final signed agreement may be ready by Tuesday.
American Airlines lawyer Desmond Barry says about 40 insurance carriers worldwide must agree to let him sign for them. He says their money is in escrow.
Stoviak told the judge the amount of the agreement will be made public after court approval, expected next year.
Cantor originally sued for more than $1 billion in damages after the attacks, in which hijacked airplanes crashed into the World Trade Center.
Fort Worth, Texas-based American is part of American Airlines Group Inc.