United and American reach settlement in 9/11 claim
United Continental Holdings and American Airlines Group, the companies whose planes were used in the 9/11 attacks, reached a settlement with the developer of the World Trade Center (New York, United States). As per the settlement, the airlines agreed to a $95 million payout for the developer.
Under the settlement, the $95 million costs are going to be covered by the insurers of the airlines and are lowered from $97 million amount due to two insurers filing for insolvency. The settlement requires an approval by the US District Court, Southern District of New York Judge.
The developer of the World Trade Center – the entities affiliated Larry Silverstein – signed a 99 years lease for the site six weeks prior the attacks. Following the attack, it initially sought to hold United, American and airport security companies responsible for negligence claiming over $12 billion from them. The developer has also received $4.5 billion from its insurers.
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