Trade Center Insurance Settled

After 5 years of squabbling, rebuilding can begin in earnest
By Dustin Lushing,  Newser Staff
Posted May 23, 2007 4:35 PM CDT
Trade Center Insurance Settled
'   (Associated Press)

(Newser) – The five-year battle over insurance claims for the World Trade Center was resolved this afternoon, reports the New York Times. The seven insurers disputing the claims settled; $4.55 billion will go towards rebuilding ground zero, which will accommodate the Freedom Tower and three large office buildings.

The only building that wasn't tied up in the insurance snarl, 7 World Trade Center, opened a year ago. The settlement is a victory for New York's new governor, Eliot Spitzer, who helped keep negotiations moving to a conclusion. “This means we can now fund construction, access the financial markets and move on to what should be our primary focus: rebuilding," Spitzer said. (Read more World Trade Center stories.)

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