Cantor Fitzgerald And eSpeed To Expedite Bonus Distributions For Families Of Employees Lost In The World Trade Center Tragedy

New York, October 10, 2001 – Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, L.P. and eSpeed, Inc. announced at a support group meeting for New Jersey families, that the companies have expedited the distribution of year-end bonus and commission payments to the families of their lost employees. [br][br]“We are pleased to say that we have been able to restore our business records in order to expedite payment of bonuses and commissions, keeping with our previous statement to do so as quickly as possible,” Howard Lutnick, told a group of about 35 families in Redbank, NJ. “We only hope that these payments offer some comfort to our families in this very difficult time.” [br][br]Ordinarily, bonus and commission payments for employees of Cantor Fitzgerald and eSpeed are distributed in December. After the September 11th attack, the firms stated their intention to pay bonuses/commissions to all families of lost employees by January 1st, 2002. Cantor Fitzgerald and eSpeed are now in a position to expedite these bonus payments and payments will be made as follows: [br][br]- Estates of those employees in administrative, support and other non-revenue-wwwucing/non-commission/non-sales divisions are eligible to receive payments equal to 100% of the cash bonus paid for the full year, a year ago, where applicable. As always, situations such as new hires or previous year partial payments will be addressed on a case by case basis. All discretionary bonus payments will include and be deemed to include all accrued, unused 2001 vacation pay. These distributions will be available during the week of October 22nd. [br][br]- Estates of those employees in revenue-wwwucing/commission-based and sales divisions will be eligible to receive wwwuction related bonus and commission payments no later than November 22nd (Thanksgiving). These payments will be based on records of client transactions, which have been restored. All accrued amounts will be distributed.[br][br]Those employees who survived the WTC tragedy, along with their colleagues around the world, will receive year-end bonuses and commissions in December, in accordance with company policy. [br][br]“While nothing can replace the loss of a loved one, we want to do everything we can to help ease the shortterm financial burden on the families of our lost employees,” said Lutnick. “It is because of the commitment and exceptional efforts of our surviving staff, working around the clock to rebuild our businesses, that we are in the position to make our previous statements a reality.” [br][br]In addition, the company provided the following information regarding benefits and assistance previously announced: [br][br]Cantor Fitzgerald has pledged to share profits with the families of lost Cantor, eSpeed and TradeSpark employees. An amount equal to 25% of the profits, for the next five years will be used to support families. This is money that would otherwise be distributed to partners. The funds will be used in part to pay for 10 years of health care for the families of lost employees. The balance of the funds will be equally distributed to all families, until each family receives at least $100,000. [br][br]- All non-supplemental life insurance policies are currently being paid, on 2X employees salary, taxfree up to the maximum value of $100,000 per employee. Payment has already been made on approximately 85% of claims received. [br][br]- Cantor Fitzgerald has arranged for the American Red Cross to co-ordinate all immediate assistance relief efforts on behalf of the Cantor Fitzgerald families in need. They have assigned a caseworker to every family and are able to provide 3-month financial assistance and support. The Red Cross is currently contacting all families directly to assess needs. [br][br]- The firm set up the Cantor Fitzgerald Relief Fund to assist families with small children and education needs. More information of the Fund can be found at [br][br]Families of lost Cantor Fitzgerald, eSpeed and TradeSpark employees will receive information detailing all of the Cantor Fitzgerald benefits by mail this week. Families are encouraged to contact the benefits hotline at 212-379-8369 with questions. More detailed information regarding the company’s benefits is available on the company’s crisis website, . [br][br]For all media contacts: [br][br]Edelman Public Relations Worldwide Jeff Siegel Mike Holloway 212-819-4863 212-704-4532
View PDF PDF version