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Cantor Fitz, American Airlines settle 9/11 lawsuit

Diane Massaroli holds up a picture of her late husband, Michael, who worked at Cantor Fitzgerald at the World Trade Center.
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Diane Massaroli holds up a picture of her late husband, Michael, who worked at Cantor Fitzgerald at the World Trade Center.

Cantor Fitzgerald has agreed to settle a lawsuit against American Airlines over business and property losses stemming from the Sept. 11, 2001, attacks, in which the Wall Street firm lost 658 employees.

U.S. District Judge Alvin Hellerstein will hear arguments over whether to approve the settlement on Jan. 13, 2014, court records show. Terms were not immediately available.

Lawyers for Cantor and American did not immediately respond to requests for comment.

Cantor lost close to two-thirds of its New York employees after American Airlines Flight 11 struck the north tower of the World Trade Center.

The firm had at one time sought $1.1 billion in damages in the lawsuit, which it originally filed in 2004, but that sum was later reduced to less than $500 million.

The cases are Cantor Fitzgerald & Co et al v. American Airlines Inc et al, U.S. District Court, Southern District of New York, No. 04-07318; and In re: Sept. 11 Property Damages and Business Loss Litigation in the same court, No. 21-mc-00101.

—By Reuters .