$2b settlement reached in WTC insurance case

May 24, 2007 03:19

Ending years of legal wrangling over the multibillion-dollar insurance policy on the World Trade Center, the state and seven insurers reached a settlement that secures more than $4.5 billion (€3.34 billion) in funding to rebuild ground zero. About $2.55 billion (€1.89 billion) has already been paid out by two dozen insurers since the September 11, 2001, attacks that destroyed the twin towers. The remaining insurers agreed to pay $2 billion (€1.48 billion) and drop several court battles over how much they owe in insurance to replace the trade center. The insurers and builders of the trade center site credited state Insurance Superintendent Eric Dinallo and Gov. Eliot Spitzer for hammering out a deal over two months in a dispute that had cost millions in attorneys' fees for years.

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