The Real Deal New York

Silverstein won’t get a cent from WTC insurers’ $1.2B deal

September 19, 2013 01:20PM

Larry Silverstein won’t see a penny of the $1.2 billion recouped by World Trade Center insurers in settlements with airport security companies and airlines after the 9/11 terrorist attacks.

U.S. District Judge Alvin Hellerstein dismissed the suit brought by several companies associated with Silverstein against QBE Insurance, Industrial Risk Insurers and three Lloyds of London syndicates, ruling that the $4 billion Silverstein received in a 2007 settlement with insurers compensated him in full for any damages.

Silverstein had claimed additional damages against aviation companies including United Continental Holdings and AMR Corporation’s American Airlines.

Insurers who paid Silverstein in 2007 later sued to recoup the money they had paid out from the aviation defendants, ultimately settling for $1.2 billion.

Bud Perrone, a Silverstein spokesman, declined to comment to Bloomberg News on the ruling. [Bloomberg News]Julie Strickland