Judge Limits Cantor’s ‘Lost Profits’ Claims From 9/11

Wall Street Journal
January 19, 2011

NEW YORK—Cantor Fitzgerald can’t pursue damages for “lost profits” against American Airlines and its parent, AMR Corp., arising from the deaths of employees in the Sept. 11, 2001, terrorist attacks in New York, a federal judge ruled.
The financial-services company, which lost 658 employees in the attacks, sued American alleging negligence for failing to prevent terrorists from seizing control of American Airlines Flight 11. American contends the Cantor Fitzgerald request for damages is excessive.
“No one can deny the emotional and financial hurt suffered by Cantor Fitzgerald and the families of its officers and employees,” said U.S. District Judge Alvin K. Hellerstein in Manhattan in an opinion Wednesday. “But as a matter of law, Cantor Fitzgerald’s claim for damages, however theorized, may not include claims for lost profits resulting from the deaths of, and injuries to, its officers and employees on September 11.”
In his order, the judge limited the damages that Cantor Fitzgerald can pursue and gave the firm until Feb. 28 to revise its damage claims to remove any claims for interruption of its business arising from the deaths of and injuries to its employees.