- Aviation defendants agreed to pay millions in settlement saying a security lapse led planes to be hijacked during 9/11
- The hefty settlement was described in court documents filed Tuesday
- The agreement resulted from ‘extensive, arms-length negotiations’ by lawyers
- Developer Larry Silverstein collected billions from several different defendants
- The money has aided in the reconstruction of Manhattan buildings
American Airlines, United Airlines and other aviation defendants will pay millions in settlement over claims that security lapses led planes to be hijacked in the September 11 attacks.
The $95million settlement was described into detail in papers filed Tuesday in Manhattan federal court.
Developers of the new World Trade Center buildings once demanded $3.5 billion from aviation-related companies after hijacked planes destroyed three skyscrapers among five demolished buildings on Sept. 11, 2001.
Lawyers said the agreement signed last week resulted from ‘extensive, arms-length negotiations’ by lawyers ‘who worked diligently for months.’
Real estate developer Larry Silverstein is shown at a ceremony for 3 World Trade Center in New York last year. Silverstein has collected billions from defendants through lawsuits
The agreement also said the parties make no admissions or concessions with respect to liability for the attacks.
‘The court’s approval of the settlement agreement will bring to a close this hard-fought 13-year litigation on terms agreeable to the parties,’ the lawyers said.
Attorney Desmond T. Barry Jr., who submitted the papers to U.S. District Judge Alvin K. Hellerstein, declined to comment Wednesday.
Developer Larry Silverstein and World Trade Center Properties have collected more than $5 billion from other defendants through lawsuits.
American Airlines and United Airlines have agreed to pay $95 million in settlement to Silverstein and World Trade Center Properties
The money has aided the reconstruction of buildings on the 16-acre lower Manhattan site.
Earlier settlements included $135 million paid to a financial services firm that lost two-thirds of its employees.
American Airlines spokesman Matt Miller said the company is pleased to have reached a settlement.
‘We will never forget that terrible day and its lasting impact including the tragic loss of 23 members of the American Airlines family,’ said Miller.
United Airlines declined to comment.
Bud Perrone, a spokesman for Silverstein, said the company is ‘pleased to have finally reached a resolution to this piece of post-9/11 litigation.’