The developer of the World Trade Center in New York has reached a $95.2 million settlement of all claims against American Airlines Group Inc, United Continental Holdings Inc and other aviation defendants stemming from the Sept. 11, 2001 attacks, which involved the carriers’ hijacked planes.
Insurers will cover the payout to entities affiliated with Larry Silverstein and his Silverstein Properties, according to settlement papers filed on Tuesday with the U.S. District Court in Manhattan.
The accord requires approval by U.S. District Judge Alvin Hellerstein, who oversees much of the civil litigation stemming from the attacks. It would have totaled $97 million had two of American’s and United’s insurers not become insolvent.
Silverstein has received several billion dollars from insurers to rebuild. He wanted to hold American and United responsible for their alleged negligence in failing to prevent the Twin Towers’ destruction by their hijacked planes.
The accord would “bring to a close this hard-fought thirteen-year litigation on terms agreeable to the parties,” lawyers for Silverstein and the airlines said in a filing.
“We are pleased to have finally reached a resolution to this piece of post-9/11 litigation,” Bud Perrone, a spokesman for Silverstein Properties, said in an email.
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