A New York judge has set February 9 next year for the first in a series of trials intended to resolve the World Trade Centre (WTC) claims dispute. WTC leaseholder Larry Silverstein is arguing that the destruction of the twin towers by separate airliners on September 11 2001 represented two events, entitling him to two insurance payouts totalling $9.6 billion. Insurers led by Swiss Re and Travelers maintain that under the terms of the proposal, the attacks were a single event worth. The cost as they see it is about $4.8 billion.

The February trial will focus on the veracity of the “Wilprop” form devised by broker Willis, which is plain about limiting the claim to one occurrence. A later trial will be held to decide whether the destruction of the complex was one or two events under other proposals used by some insurers, including Travelers.

It’s a battle that will be closely watched by New Yorkers. As we reported last month, New York Governor Michael Pataki wants to lay the foundation for the replacement “Freedom Tower” within the next year. But that can’t go ahead until Mr Silverstein knows how much money he has available to build the tower.