The latest court ruling in the dispute over World Trade Center damage coverage is positive news for The Hartford, The St. Paul Companies and Royal Indemnity, according to a banking firm‘s analysis.
Brian Meredith, an analyst at Charlotte, N.C.-based Banc of America Securities, in his research note released today said the three insurers, under the ruling may be able to limit their total WTC payment to $112 million, rather than a figure double that amount sought by the trade center ownership group.
His comments followed a ruling Friday by the 2nd U.S. Circuit Court of Appeals in Manhattan.
Mr. Meredith said the appellate ruling limits the total payment from these three insurers collectively to a maximum of $112 million." We would view this news as positive," he said.
