OTHER NEWS - May 7, 1996

Cantor Suit Adjourned: A court session on a lawsuit pitting the head of brokerage Cantor Fitzgerald against the wife of the firm’s founder adjourned after the two sides announced they were resuming settlement negotiations. Spokespeople for Cantor President Howard Lutnick and Iris Cantor, the wife of founder B.G. “Bernie� Cantor, confirmed that the two were pursuing an out-of-court settlement to the civil case. Lutnick and Iris Cantor sued each other in Delaware Chancery Court over who will control the brokerage. Lutnick argued that Bernie Cantor, who suffers from a kidney ailment and is legally blind, was unable to remain the general managing partner of the firm and control of the brokerage’s affairs should shift to him under the company’s succession plan. Iris Cantor charged that Lutnick usurped control of the firm.