A federal trial judge, in a final ruling, today agreed with three World Trade Center insurers that the terrorists‘ destruction of the buildings constituted one attack worth $3.5 billion, not a $7 billion multiple event as the landlord contended.
U.S. District Court Judge John S. Martin Jr., in Manhattan, granted summary judgment to the insurers based on their "one-occurrence" argument. The ruling is appealable.
In a statement, Silverstein Properties said in response, "Obviously, we disagree with the ruling and will consider an appeal at the appropriate time.
"However, these three insurers coverage amounts to a total of approximately $112 million, so that limiting these insurers to a single occurrence does not have a material effect on the overall amounts of $6.7 billion that will be recovered in the litigation."
