Thomas Bennigson announced that he has reached a settlement with Stephen Hahn, the defendant in Cassirer and Bennigson v. Hahn.  The action, filed in Superior Court, Santa Barbara, California, on July 22, 2004, alleged that Mr. Hahn, a retired New York art dealer now living in California, had bought and sold a painting, Femme en Blanc by Picasso, which belonged to and had been stolen by the Nazis from the Bennigson family.  Mr. Hahn is alleged to have purchased and sold the painting in the mid-1970's.  The Picasso is now the property of Mrs. Marilyn Alsdorf, a resident of Chicago. Mr. Bennigson has separately brought suit against Mrs. Alsdorf for the return of the Picasso.

The settlement requires Mr. Hahn to make certain payments upon the occurrence of certain specified events.  Should Mr. Bennigson recover the Picasso by judgment or settlement, or otherwise reach a settlement with Mrs. Alsdorf, Mr. Hahn would be obligated to pay Mr. Bennigson an amount that approximates Mr. Hahn's profit on the original sale.  Mr. HahnÕs payment obligation will be extinguished should there be no settlement or recovery within five years from the date of the signing of this settlement agreement.

Both Mr. Bennigson and Mr. Hahn expressed satisfaction that the lawsuit was resolved amicably.