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Date Posted: 15:33:03 09/04/04 Sat
Saudi Arabia Is Sued by Firm That Lost 658 in Twin Towers
By JULIA PRESTON
Published: September 4, 2004
antor Fitzgerald, the brokerage firm that lost 658 employees in the Sept. 11 attack, has sued Saudi Arabia, charging that the kingdom "provided funding and material support and substantial assistance" to Al Qaeda and Osama bin Laden.
The suit, filed in Federal District Court in Manhattan this week, goes further than previous 9/11 damage suits in its accusations against the Saudi government and royal family. It singles out four Saudi officials, saying they organized and controlled a network of financial institutions and charities that aided Al Qaeda for at least seven years before 9/11.
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Cantor Fitzgerald, whose offices were high up in the One World Trade Center tower, is seeking $7 billion, including more than $200 million in damages that were not covered by insurance. The suit was filed Thursday, but made public yesterday.
The suit charges that the Saudi kingdom participated in a racketeering conspiracy by "materially supporting Al Qaeda, knowingly and intentionally employing Al Qaeda operatives, laundering money for Al Qaeda, raising and distributing financial assistance to Al Qaeda (often under false pretenses)," among other allegations.
Saudi officials have said that they cut ties with Mr. bin Laden, who was born in Saudi Arabia, well before the attack. The Saudi government has moved aggressively in recent months against terrorists linked to Al Qaeda who launched a series of attacks in the country.
The four officials accused are Prince Nayef bin Abdel Aziz, the interior minister; Prince Sultan bin Abdel Aziz, the defense minister; Prince Salman bin Abdel Aziz, the governor of Riyadh; and Prince Turki al-Faisal, the former intelligence chief, who is now ambassador in London. The suit alleges that they licensed and exercised direct control over the institutions that provided aid to Al Qaeda.
Also named as defendants are Al Qaeda and many Saudi banks and Muslim charities.
Other suits, focusing primarily on Al Qaeda, have been filed by the families of the 9/11 victims and the insurance companies whose policies covered the twin towers and other buildings that were damaged or destroyed. Cantor Fitzgerald's losses went substantially beyond its insurance coverage, and the firm was nearly bankrupted by the attack.
Since then, the firm, known for its bond trading, has recovered significantly and has expanded its financial businesses. Cantor executives pledged to dedicate 25 percent of the firm's profits through 2006 to provide health coverage and assistance for the families of its 9/11 victims.
Saudi Arabia Is Sued by Firm That Lost 658 in Twin Towers
By JULIA PRESTON
Published: September 4, 2004
antor Fitzgerald, the brokerage firm that lost 658 employees in the Sept. 11 attack, has sued Saudi Arabia, charging that the kingdom "provided funding and material support and substantial assistance" to Al Qaeda and Osama bin Laden.
The suit, filed in Federal District Court in Manhattan this week, goes further than previous 9/11 damage suits in its accusations against the Saudi government and royal family. It singles out four Saudi officials, saying they organized and controlled a network of financial institutions and charities that aided Al Qaeda for at least seven years before 9/11.
Advertisement
Cantor Fitzgerald, whose offices were high up in the One World Trade Center tower, is seeking $7 billion, including more than $200 million in damages that were not covered by insurance. The suit was filed Thursday, but made public yesterday.
The suit charges that the Saudi kingdom participated in a racketeering conspiracy by "materially supporting Al Qaeda, knowingly and intentionally employing Al Qaeda operatives, laundering money for Al Qaeda, raising and distributing financial assistance to Al Qaeda (often under false pretenses)," among other allegations.
Saudi officials have said that they cut ties with Mr. bin Laden, who was born in Saudi Arabia, well before the attack. The Saudi government has moved aggressively in recent months against terrorists linked to Al Qaeda who launched a series of attacks in the country.
The four officials accused are Prince Nayef bin Abdel Aziz, the interior minister; Prince Sultan bin Abdel Aziz, the defense minister; Prince Salman bin Abdel Aziz, the governor of Riyadh; and Prince Turki al-Faisal, the former intelligence chief, who is now ambassador in London. The suit alleges that they licensed and exercised direct control over the institutions that provided aid to Al Qaeda.
Also named as defendants are Al Qaeda and many Saudi banks and Muslim charities.
Other suits, focusing primarily on Al Qaeda, have been filed by the families of the 9/11 victims and the insurance companies whose policies covered the twin towers and other buildings that were damaged or destroyed. Cantor Fitzgerald's losses went substantially beyond its insurance coverage, and the firm was nearly bankrupted by the attack.
Since then, the firm, known for its bond trading, has recovered significantly and has expanded its financial businesses. Cantor executives pledged to dedicate 25 percent of the firm's profits through 2006 to provide health coverage and assistance for the families of its 9/11 victims.
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