NEW YORK – A federal judge in New York says a financial firm that lost more than 650 employees in the Sept. 11 attacks must reduce its demands that an airline pay it nearly $1 billion.
Judge Alvin Hellerstein made the ruling regarding Cantor Fitzgerald on Wednesday. The company last year estimated it suffered $1 billion in lost profits because of the deaths of two-thirds of its work force at the World Trade Center.
The judge says Cantor Fitzgerald cannot base its estimates on lost profits resulting from employees who died.
The judge noted the company had originally put its losses at $102 million but raised them in 2009 to $1 billion.
Cantor Fitzgerald says it has a policy of not commenting on court matters. Lawyers for Fort Worth, Texas-based American Airlines haven't responded to a message seeking comment.
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