Published on : Thursday, November 23, 2017
The insurers for United States airlines like American Airlines, United Airlines and other aviation defendants have agreed to pay $95 million to settle claims that security lapses led planes to be hijacked in the September 11 attacks.
The financial settlement was described in papers filed Tuesday in Manhattan Federal Court.
The developers of the new World Trade Center buildings had once demanded $3.5 billion from aviation-related companies after hijacked planes destroyed three skyscrapers among five demolished buildings on September 11, 2001.
The lawyers said the agreement has signed in the last week resulted from extensive, arms-length negotiations by lawyers who worked diligently for months.
The agreement also said that the parties make no admissions or concessions with respect to responsibility for the American attacks.
The lawyers said that the court’s approval of the settlement agreement will bring to a close this hard-fought 13-year litigation on terms agreeable to the parties.
The Developer Larry Silverstein and World Trade Center Properties have collected more than $5 billion from other defendants through lawsuits.
The money has aided the reconstruction of buildings on the 16-acre lower Manhattan site. The earlier settlements included $135 million paid to a financial services firm that lost two-thirds of its employees.