Cantor Fitzgerald Submits Public Comment To U.S. Department Of Justice Regarding The September 11th Victim Compensation Fund Of 2001

New York, November 27, 2001 — Cantor Fitzgerald L.P., together with its affiliates, eSpeed, Inc. and TradeSpark L.P., have submitted a series of recommendations to the U.S. Department of Justice regarding the rules and regulations for administering the September 11th Victim Compensation Fund of 2001. [br][br]Congress established the September 11th Victim Compensation Fund to compensate victims for their losses in the terrorist attacks of September 11. The Fund is designed to be a way for victims to receive compensation without resorting to lawsuits. [br][br]The U.S. Department of Justice (DOJ) is currently developing rules and regulations that will govern the way the Fund is administered. Cantor Fitzgerald has been working with the DOJ to advocate policies that it believes will help the families get all the compensation they deserve as soon as possible. Cantor Fitzgerald has had on-going discussions with the Department and today submitted a Public Comment as well. [br][br]In its Public Comment, Cantor Fitzgerald is making the following principal recommendations to the DOJ: [br][br]· Victims’ estates should not have their compensation from the Fund reduced by the amount of contributions they have received from employers, charities or private individuals or entities. These voluntary payments include Cantor Fitzgerald L.P.’s decision to distribute for the benefit of the families an amount equal to 25% of the partnership’s profits that otherwise would have been distributed to the remaining partners for the next 5 years, as well as charitable monies distributed by the Cantor Fitzgerald Relief Fund. [br][br]· The Department of Justice should finalize the rules as quickly as possible so that victims can have the information they need to decide whether to file a claim. [br][br]· There should be a chart with specified dollar amounts so that a victim’s estate could choose to file a simple “EZ” form and receive the amount listed on the chart very quickly. Claimants who want to file more extensive proof of their damages should not be bound by the numbers on the chart, and should be allowed to prove all of their damages within the timeframe the statute allows. [br][br]· To ensure that a victim’s estate’s compensation is consistent with what would be recovered through trial, awards should not be artificially capped based on the class or status of the victim. [br][br]Commenting on the submission, Howard Lutnick, Chairman and CEO of Cantor Fitzgerald said, “We continue to be committed to helping our families in any way we can and we have worked hard, on their behalf, to pro-actively submit these recommendations to the DOJ. The tireless efforts of our outside legal counsel, Skadden, Arps and Morgan, Lewis, have enabled us to complete this task. Their commitment exemplifies our business partners’ desire to help us take care of our Cantor families.” [br][br]The full public comment submitted by Cantor Fitzgerald is available at Cantorusa.com. [br][br]Dan Klores Communications, Inc. Public Relations: (212) 685-4300 Contacts: Chris Widmaier, Ed Tagliaferri

 


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