Silverstein can’t seek $3.5B in damages from airlines over 9/11, judge rules

TRD NEW YORK /
Jul.July 19, 2013 08:30 AM

Larry Silverstein of Silverstein Properties will not be allowed to seek $3.5 billion from airlines whose planes were hijacked and used in the Sept. 11, 2001 attacks on the World Trade Center, Bloomberg News reported.Silverstein has already collected $4.1 billion from insurers and cannot collect twice under New York law, U.S. District Judge Alvin Hellerstein ruled yesterday.

“If this case were to go forward, the WTC companies would not be able to recover anything against the airlines,” Hellerstein said at the ruling. He dismissed notions, however, that Silverstein was seeking to profit from the attacks, deeming him among the “heroes” who sought to “create beauty out of the destruction.”

Silverstein’s lawyers had argued that their client should be allowed to seek additional damages in civil cases stemming from 9/11, because the insurance payout didn’t account for certain losses such as lost rent from tenants and replacement costs for the buildings.

But Hellerstein said that “when such a link is made between an insurance payout and a specific type of loss, collecting on that same type of loss is barred under New York law.”

“We are gratified by the judge’s decision,” a spokesman for American Airlines, one of the airlines sued by Silverstein, said in a statement to Bloomberg News. [Bloomberg News]  – Hiten Samtani


Related Articles

arrow_forward_ios
Silverstein Properties CEO Marty Burger and a microscopic view of Covid-19 (Credit: Ilya S. Savenok/Getty Images, CDC)

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery

Silverstein Properties CEO Marty Burger (Photo by Ilya S. Savenok/Getty Images)

Silverstein’s Marty Burger recovers from coronavirus

Silverstein Properties' Tal Kerret, Dino Fusco, Marty Burger and 7 WTC (Credit: Joe Woolhead)

Former Goldman exec will be new COO at Silverstein Properties

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

120 Broadway and Thornton Tomasetti’s Peter DiMaggio, Tom Scarangello and Michael Squarzini (Credit: Google Maps)

Thornton Tomasetti takes 100K sf at 120 Broadway

Moinian Group CEO Joseph Moinian, and a street view of the new Best Buy location (535 Fifth Avenue, at left) and the old one (529 Fifth Avenue, at right) 

Best Buy signs lease for new store at 535 Fifth

Larry Silverstein (Credit: Getty Images, iStock)

Silverstein’s lending biz could get a boost from the weak luxury condo market

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

arrow_forward_ios
Loading...