Search
 

GlobeSt.com UPDATE: Silverstein Camp Files Counterclaim to Swiss Re Complaint

NEW YORK CITY-Attorneys for Larry Silverstein yesterday afternoon filed the developer's hotly anticipated counterclaim to the lawsuit filed against him by reinsurer Swiss Re.

By Glen Thompson | Updated on September 04, 2002

NEW YORK CITY-World Trade Center leaseholder Larry Silverstein has responded to charges by reinsurer Swiss Re that the developer is attempting to pull of one of history’s greatest double-dips. In a 23-page document filed yesterday afternoon, Silverstein asks the court to dismiss the case with prejudice, order Swiss Re to promptly pay its 22% share of the undisputed $3.6-billion first claim and agree to acknowledge the second claim for an additional $3.6 billion.

In a statement that mirrors the official document’s aggressive stance Silverstein says, “Swiss Re should put its money where its mouth is. No one disputes that the attacks on the World Trade Center caused losses substantially in excess of $3.6 billion. If Swiss Re is serious about living up to its promise to pay claims on a fast track, it should pay its 22% share of the $3.6 billion policy immediately so that we can fund the reconstruction of the World Trade Center, while we continue to litigate whether Swiss Re owes its share of an additional $3.6 billion.”

Swiss Re earlier this week released a statement saying that it had advanced its share of an initial $75 million payout on World Trade Center-related claims. According to Jacques Dubois, CEO and president of Swiss Re America Holding Corp., Silverstein asked for $136 million up front but “the insurers got together and agreed to pay $75 million.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.