Tag Archives: Larry Silverstein

New York judge blocks 9/11 insurance claims against airlines

A New York judge has decided that the World Trade Center owners cannot demand more insurance money for the Sept. 11 attacks.

Judge Alvin Hellerstein ruled Thursday after listening to witnesses for the owners of the trade center and airlines linked to the jets used in the attacks.
The trial was held to decide whether the owners of the trade center complex can collect more than the nearly $5 billion they’ve already received toward reconstruction.

Lawyers for the airlines argue the claims against them duplicate claims that insurance companies have already been paid the complex’s owners.

But developer Larry Silverstein and the trade center companies insist that aviation companies owe at least $3.5 billion for letting hijackers board planes that destroyed three skyscrapers.

The complex developers’ lawyers say they’ll appeal.

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Source: FULL ARTICLE at Fox US News

NY developer: Airline reneging on 9/11 promise

A World Trade Center developer asked a judge Wednesday to disqualify American Airlines from using an “act of war” defense to dodge property liability resulting from the Sept. 11 attacks.

Lawyers for the developer, Larry Silverstein, filed papers in U.S. District Court in Manhattan to urge rejection of American Airlines‘ claim that the 2001 terrorist attack was an act of war that should shield the airline from liability. They called the claims proof of “breathtaking cynicism.”

The lawyers said the airline and its insurance carriers promised Congress, regulators and the American people after the attacks that the defense would not be used. In return, the lawyers said, the aviation industry got a massive federal bailout that protected their businesses after the attacks.

“Defendants now renege on those promises and press an act of war defense,” the lawyers wrote.

American Airlines spokesman Sean Collins said Silverstein’s claims have “no factual or legal support.”

American Airlines has defended itself with all defenses available at law against the baseless attempt by the Silverstein entities to hold American responsible for the terrorist attacks of September 11,” he said.

Silverstein has been aggressive in the courts to try to collect as much money as possible to rebuild the trade center after the Sept. 11 attacks demolished two 110-story towers.

He originally filed separate claims for $7 billion, or two full payouts under the $3.5 billion worth of insurance coverage he took out on the trade center complex, arguing that the towers were destroyed by separate attacks by planes hijacked by terrorists.

In two civil trials, it was determined he was eligible for more than $4 billion in insurance payouts.

A judge has limited him to $2.8 billion in potential payouts from remaining litigation, including his action against Texas-based American Airlines.

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Source: FULL ARTICLE at Fox US News