An agreement has been reached to settle the $2 billion in remaining claims between Silverstein Properties, who was leasing the World Trade Center on Sept. 11, 2001, and seven insurance companies, bringing to an end almost six years of litigation.
The announcement, which was issued by New York Governor Eliot Spitzer and State Insurance Superintendent Eric R. Dinallo, allows Silverstein to move forward with the approved plans of reconstruction for the site.
Disputes about coverage and replacement costs began in Oct. 2001, beginning with whether to classify the terrorist attacks as one event or two (a court decision in June 2004 declared it one event). Last November, another judge ruled that replacement costs to rebuild the site could not include improvements, limiting the amount due to Silverstein to $4.7 billion.
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