A U.S. District Court judge ruled against developer Larry Silverstein in his quest to recover nearly $4 billion from American Airlines and United Airlines over damages from the September 11th attacks. Silverstein sued the airlines in 2004 for $8 billion, claiming that they were "responsible for reckless security breaches." Property insurers have already paid Silverstein $4.1 billion, and the judge said that if the case proceeded, Silverstein would basically be compensated twice for the same losses, which is against the law in New York State.
The Journal called the ruling "a significant setback in [Silverstein's] nearly decade-long fight for more money to rebuild the World Trade Center." Silverstein Properties plans to appeal the decision. In an email, a spokesman told the Journal, "We will not rest until we have exhausted every option to assure that the aviation industry's insurers pay their fair share toward the complete rebuilding of the World Trade Center."
· Silverstein Loses Battle Over 9/11 Payouts [WSJ]
· All World Trade Center Coverage [Curbed]
Photo by Joe Woolhead courtesy Silverstein Properties
Loading comments...