A federal appeals court has upheld a lower court decision that dismissed a subrogation claim by Industrial Risk Insurers against Citigroup stemming from the terror attack on the World Trade Center on Sept. 11, 2001.
The United States Court of Appeals for the Second Circuit in New York agreed with the decision of U.S. District Court Judge Alvin K. Hellerstein in Manhattan to dismiss the insurer's subrogation claim for gross negligence.
Industrial Risk is a subsidiary of GE ERC, which is now part of Swiss Re.
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