WTC developer settles and battles
World Trade Centre developer Larry Silverstein has reached a $US12.5 million ($15.7 million) settlement with one of the minor insurers in the September 11 recovery battle, but continues to do battle with other insurers.
Mr Silverstein told a crowd of about 200 construction workers in New York last week that the insurers would have to pay after TIG insurance agreed to settle.
In 2004 a jury decided the September 11 terrorist attacks should be considered as two events. TIG Insurance was one of nine insurers ordered to make a double payment.
The insurer had already paid $US9.1 million ($11.4 million) but the new agreement calls for another $US9.1 million ($11.4 million), plus $US3.4 million ($4.3 million) in prejudgement interest – about 90% of the interest sought by Mr Silverstein.
Meanwhile, Allianz says mediators will try to determine how much it pays in compensation. Mr Silverstein claims Allianz owes $US553 million ($707 million).
Mr Silverstein is believed to be seeking $US2.14 billion ($2.69 billion) in claims from eight insurers.
Mr Silverstein told a crowd of about 200 construction workers in New York last week that the insurers would have to pay after TIG insurance agreed to settle.
In 2004 a jury decided the September 11 terrorist attacks should be considered as two events. TIG Insurance was one of nine insurers ordered to make a double payment.
The insurer had already paid $US9.1 million ($11.4 million) but the new agreement calls for another $US9.1 million ($11.4 million), plus $US3.4 million ($4.3 million) in prejudgement interest – about 90% of the interest sought by Mr Silverstein.
Meanwhile, Allianz says mediators will try to determine how much it pays in compensation. Mr Silverstein claims Allianz owes $US553 million ($707 million).
Mr Silverstein is believed to be seeking $US2.14 billion ($2.69 billion) in claims from eight insurers.