Battle begins for Twin Towers compensation

www.moneynews.co.uk > Other > Battle begins for Twin Towers compensation

Battle begins for Twin Towers compensation

NEW YORK, US - A US federal jury has begun hearing the case which will eventually resolve the dispute over the insurance claim for the damage inflicted on the World Trade Centre after the September 11th terrorist attacks.

Developer Larry Silverstein wants the group of insurance firms that covered the buildings to pay out compensation for two separate attacks, as opposed to classing the incident as one event.

If the case is resolved in favour of Mr Silverstein, the property magnate will be set to receive a pay-out of around $7 billion, as opposed to $3.5 billion if the attacks are classed as one event.

A larger payout will enable Mr Silverstein to build a new tower, skyscrapers and other buildings on Ground Zero within the next decade, indicating that public pressure may have some bearing on the outcome of the case.

Kevin M Rampe, president of the Lower Manhattan Development Corporation, commented on the case: "Anyone who's in New York knows that how much we recover from this lawsuit will have an impact on the rebuilding of this site."

Related News : Other
	Government accounts are getting better
	Public sector pay rising faster than the private sector
	Monti slaps Microsoft with record fine
	Phone bills confuse consumers
	Lib Dems vote against council tax
	Prescott claims councils are listening to tax warnings
	Fewer services, more tax
	Consumers warned about energy salesmen
	Dad's work at home worth £14,500
	Massive jackpots for Euro lottery