Insurers suing Al Qaida, Saudis, others for $300 B.(Top Stories Of The Week)

National Underwriter Property & Casualty-Risk & Benefits Management, September, 2003 by Hays, Daniel

Five insurance groups filed federal lawsuits today, seeking to recover more than $300 billion for losses from the 9/11 attacks, in an action that listed among the defendants Al Qaida, Saudi Arabia and four other nations which the United States identifies as state's sponsoring terrorism. The action was brought in U.S.

District Court in Manhattan with a companion lawsuit in U.S. District Court in Washington, D.C. by Chubb, American Re, Zurich American, One Beacon and Crum & Forster. An announcement by the Cozen O'Connor law firm, which is representing the insurers, said the action seeks to recover triple damages, which a member of the firm said includes "tens of billions" in damages for 412 wrongful death and injury claims from insureds, it encompasses $3.5...

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