9/11 settlement

[MetalMover]

http://www.bloomberg.com/news/2013-12-17/cantor-to-get-135-million-from-american-airlines-over-9-11-case.html?cmpid=yhoo

 

[OldGuy@AA]

I guess the BK filing didn't stop them from getting their money.  All it did was stop us from getting ours.  Funny how that works.  Also I wonder if Canter Fitzgerald got any bailout money from the Bush administration? 

 

[eolesen]

Just guessing, but the insurer probably paid out the $135M, not the airline. That's why companies have liability insurance in the first place.

If so, the bankruptcy wouldn't affect the case. Not too different from workers comp cases, actually. Those were also unaffected since it came from the insurer, not the insured.

 

[FWAAA]

You're correct;   insurance companies paid the $135 million, not AA.   Here's an excerpt from the New York Times, quoting the judge in the case:
 

In court on Tuesday, Judge Hellerstein said that the settlement to the lawsuit, originally filed in 2004, was “a significant conclusion to many years of effort.” He observed that none of the lawsuits had been tried, leaving questions even after so much had been written and analyzed about what happened on Sept. 11 and how the terrorists had gotten onto the planes.
 
“Was there really some wrongdoing in terms of negligence that allowed this to happen?” he asked. “All this will remain a mystery. Maybe that’s proper.”

 
http://www.nytimes.com/2013/12/18/nyregion/cantor-fitzgerald-settles-9-11-lawsuit-for-135-million.html?hp

 

[MetalMover]

Here's a little more on Cantor Fitzgerald:
 
http://www.marketwatch.com/story/line-between-grief-and-greed-on-wall-street-2013-12-17?siteid=yhoof2