Zurich Loses WTC Ruling
A federal appeals court has ruled that a janitorial firm's $100 million claim for business losses from the destruction of the World Trade Center on Sept. 11, 2001 can proceed against the Zurich American Insurance Company.
The decision by the 2nd U.S. Circuit Court of Appeals came in a case brought by ABM Industries Inc., which performed engineering and janitorial services at the Twin Towers. It sends the case back to the courtroom of U.S. District Court Judge Jed Rakoff in Manhattan, who had issued a summary judgment capping ABM's ability to recover under a policy sublimit for contingent time element at $10 million.
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