Silverstein, airlines settle on destroyed WTC artwork payment

Agreement paves way for developer's appeal of liability suit
August 29, 2013 10:30AM

A group of airlines that managed to evade Larry Silverstein’s attempt to hold them liable for billions of dollars in losses from the September 11 attacks agreed Tuesday to pay $900,000 for destroyed artwork. The settlement paves the way for Silverstein’s appeal of the July decision on the damages, in which U.S. District Judge Alvin Hellerstein found that insurance payments in excess of $4 billion adequately covered World Trade Center Properties.

But the judge had said in the same decision that the insurance proceeds did not compensate Silverstein for art losses and personal property losses related to the destruction of Building 7 in the complex.

Silverstein’s appeal will be forthcoming, his spokesperson told Law360.

Of the settlement amount, $300,000 is to cover two Frank Stella paintings, while the balance is to cover other personal property claims made by Silverstein, according to Law360. While agreeing to the settlement, the airlines did not admit any liability. [Law360]Hiten Samtani