LAWFUEL – The Law News Wire – The Ground Zero insurance settlement, related to the 9/11 terror attacks in New York, has settled in the largest such settlement ever undertaken, ending a protracted legal battle and opening the way for rebuiding on the WTC site. The New York Times reports.
The Spitzer administration announced the settlement of all insurance claims at ground zero yesterday, ensuring that $4.55 billion will be available for rebuilding the World Trade Center site.
The agreement, which the insurers described as the largest single insurance settlement ever undertaken by the industry, ended a protracted legal battle with insurers over payouts related to the terrorist attack.
New York State and Port Authority officials said yesterday that the deal removed any uncertainty over how much money would be available for rebuilding and would enable them to obtain private financing for the $9 billion project.
Officials had worried that the insurance dispute might drag on for years, eating up millions of dollars in lawyers’ fees and potentially delaying reconstruction. The settlement is the culmination of a two-month campaign by the state insurance superintendent, Eric R. Dinallo, and involved meetings in Geneva, Paris and Delaware.