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World Trade Center insurance settlement reached
Insurance |
2007/05/25 10:58
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| New York Gov. Eliot Spitzer (D) and State Insurance Superintendent Eric R. Dinallo announced Wednesday that Silverstein Properties, which owns a 99-year lease of the World Trade Center site, has settled all outstanding insurance claims with seven insurance companies at a price of $2 billion dollars. Silverstein agreed to yield its claim that the insurance companies owed $500 million in interest due to delays in payment, while the insurance companies yielded their claim that they would not need to make payments until a reconstruction program for the site was completed in 2012. Federal suits filed in October 2001 determined that the most Silverstein could collect for losses sustained in the September 11 attacks would be $4.68 billion. Insurance companies have already paid about $2.55 billion, and the settlement resolved the remaining sum. Spitzer's office said that the settlement, which was the biggest obstacle to reconstruction at the World Trade Center site, "will save additional tens of millions in legal costs and allow the Port Authority and Silverstein Properties to focus on rebuilding at Ground Zero." Prior litigation has cost Silverstein and the insurance companies hundreds of millions of dollars. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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