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October 07, 2009

Developer Larry Silverstein will not be able to collect $2.8 billion in damages he was seeking from airlines and security companies he claims are partially responsible for the Sept. 11, 2001, terrorist destruction of the World Trade Center, according to the most recent ruling in the eight-year saga.

A judge for the U.S. Southern District ruled last week that $4.1 billion in insurance claims Mr. Silverstein's firm, World Trade Center Properties, has collected from various insurers offset any damages he was seeking from the airlines.

The court earlier this year limited Mr. Silverstein's claim against the airlines and security companies to a maximum of $2.8 billion—a much smaller amount than the $12.8 billion he sought in the original suit, filed in 2004.

Mr. Silverstein sued the airlines and security companies for failing to prevent the attacks and was seeking damages for his losses after the Twin Towers fell.

The court ruled the insurance recovery World Trade Center Properties had already received—the $4.1 billion—could be used to offset Mr. Silverstein's claims against the airlines and security firms. Since the insurance money he received exceeded the maximum damages of $2.8 billion, the claim was reduced to zero under New York law, the court said.

The ruling was a victory for the airline defendants, whose lawyer, Desmond Barry, indicated last year that Mr. Silverstein's suit was asking for more than the total amount of insurance the airlines and security firms had available.

Though the court stopped short of dismissing Mr. Silverstein's claims, he must seek permission from the court to appeal the ruling.

A representative for Mr. Silverstein did not immediately comment.


Crains NY

DoYouEverWonder

Oct 8 2009, 05:01 AM

Lucky Larry never gives up. He just can't stop milking the WTC attack for even more money then he's already gotten. Glad someone finally said no to him. Too bad the victims families all had to give up their rights to sue the airlines in order to get some financial compensation, but Lucky Larry didn't have to give up anything.

Quote:

 

October 07, 2009

Developer Larry Silverstein will not be able to collect $2.8 billion in damages he was seeking from airlines and security companies he claims are partially responsible for the Sept. 11, 2001, terrorist destruction of the World Trade Center, according to the most recent ruling in the eight-year saga.

A judge for the U.S. Southern District ruled last week that $4.1 billion in insurance claims Mr. Silverstein's firm, World Trade Center Properties, has collected from various insurers offset any damages he was seeking from the airlines.

The court earlier this year limited Mr. Silverstein's claim against the airlines and security companies to a maximum of $2.8 billion—a much smaller amount than the $12.8 billion he sought in the original suit, filed in 2004.

Mr. Silverstein sued the airlines and security companies for failing to prevent the attacks and was seeking damages for his losses after the Twin Towers fell.

The court ruled the insurance recovery World Trade Center Properties had already received—the $4.1 billion—could be used to offset Mr. Silverstein's claims against the airlines and security firms. Since the insurance money he received exceeded the maximum damages of $2.8 billion, the claim was reduced to zero under New York law, the court said.

The ruling was a victory for the airline defendants, whose lawyer, Desmond Barry, indicated last year that Mr. Silverstein's suit was asking for more than the total amount of insurance the airlines and security firms had available.

Though the court stopped short of dismissing Mr. Silverstein's claims, he must seek permission from the court to appeal the ruling.

A representative for Mr. Silverstein did not immediately comment.


Crains NY