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WTC (Legal Disputes)
Cost estimates for rebuilding the WTC site range from $10 to $12 billion. This was a major motivation behind Larry Silverstein's ongoing insurance trial. During the court proceedings, he insisted that the collapse of the Twin Towers were two separate attacks, thus entitling him to $6.8 billion, double the payment he made when he bought insurance for the complex in July 2001. His insurers disagreed, saying that the attacks were a single event, entitling Silverstein to half that amount. Silverstein was defeated in a court trial where the jury found most of the insurers limited to a single payout. With this verdict, which was read in May 2004, Silverstein lost $2.4 billion in insurance money. The dispute over $1.1 billion held by the remaining insurance companies was resolved by a jury in December 2004, when it was decided that the September 11, 2001 attacks constituted two separate attacks. |
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