In a statement, Silverstein says, "Over the past five years, the World Trade Center insurers have engaged in an all-out campaign to shirk their legal and moral obligation to honor their policies and help finance the rebuilding of the World Trade Center."

Silverstein goes on to say all the money he receives "has been committed to the rebuilding, including the community-oriented retail planned for the site and the office buildings, 40 percent of which will be owned by government."

As reported by GlobeSt.com, a trial by jury initially ruled that the events were one incident in May 2004.A second trial reversed the verdict, siding with Silverstein.

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

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
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.