WTC Insurance Dispute Is Settled
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NEW YORK — A jury decided Monday that the attacks on the World Trade Center were two separate events for insurance purposes, meaning leaseholder Larry Silverstein could collect as much as $4.6 billion for rebuilding efforts.
Jurors in an earlier trial ruled in May that the Sept. 11 attacks constituted a single event, limiting Silverstein to a $3.5-billion payout that applied to 13 of the trade center’s 24 insurers.
But Monday’s decision means Silverstein can collect an additional $1.1 billion from nine of the insurance companies, raising his payout to as much as $4.6 billion.
Regardless of the insurance payout, Silverstein and redevelopment officials have promised to rebuild the trade center complex in the next decade, including 10 million square feet of office space, a memorial and cultural buildings.
Silverstein still must go before a three-person appraisal panel to complete the amount of his loss.
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