Insurers can cap World Trade Centre payout
The feud between the insurers of New York’s World Trade Centre buildings destroyed in the 9/11 attacks and developer Larry Silverstein continues, this time with the insurers winning a small victory when it comes to capped payouts.
The US District Court in Manhattan says the insurers don’t need to pay Mr Silverstein an extra $US700 million ($909.3 million) to rebuild the buildings.
The court accepted the insurers’ argument that the replacement policies in question should only cover the amount it would cost to rebuild the complex as it existed prior to 9/11.
Legal commentators in the US say the move is a slap in the face for Mr Silverstein, who is expected to appeal the decision.