bigpoppanils Posted September 10 Report Share Posted September 10 Cantor Sues Saudi Arabia, Al-Qaeda Over Sept. 11 (Update3) Sept. 3 (Bloomberg) -- Cantor Fitzgerald LP, the bond broker that lost about 60 percent of its New York employees in the 2001 World Trade Center terrorist attacks, filed a $7 billion lawsuit against Saudi Arabia, al-Qaeda and more than 50 Middle Eastern banks and foundations. The suit, filed yesterday in New York federal court, alleges racketeering and conspiracy by Saudi Arabia, foreign charities, banks and relief organizations in lending ``financial and other material support and substantial assistance'' to al-Qaeda, which is blamed for the attacks. Lawyers for Cantor said in a separate filing that they asked for the case to be placed before U.S. District Judge Richard Casey in New York, who is overseeing cases with many of the same defendants and allegations. The suit is one of several targeting organizations that have allegedly aided terrorists. Last year, Chubb Corp., Zurich Financial Services AG were among the insurers suing Osama bin Laden, al-Qaeda and the governments of Syria, Iran, Saudi Arabia and Iraq for as much as $300 billion in Sept. 11 compensation for themselves and clients. The families of two men who died in the World Trade Center attacks -- Timothy Soulas, a senior managing director at Cantor Fitzgerald Securities, and George Eric Smith, a senior business analyst at SunGard Asset Management -- are suing many of the same parties in New York federal court. In May 2003, U.S. District Judge Harold Baer ruled that Iraq aided Osama bin Laden and al-Qaeda in the World Trade Center attack, and awarded $104 million to the families of Soulas and Smith. Appeal A U.S. appeals court later said that President George W. Bush had already earmarked frozen funds Iraqi funds for reconstruction of Iraq before the victims' families had obtained a final judgment against the Iraqi government and rejected the awards. A security guard contacted at the Saudi embassy in Washington after business hours said no one was available to comment on the Cantor suit. Jonathan Goodman, a lawyer for Cantor, didn't return a call seeking comment. The case is Cantor Fitzgerald v. Akida Bank Private Limited, 04-cv-7065, U.S. District Court for the Southern District of New York. http://quote.bloomberg.com/apps/news?pid=10000087&sid=a7GTOzeI_jDY&refer=top_world_news Quote Link to comment Share on other sites More sharing options...
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