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Citigroup, WTC leaseholder in legal battle over 9/11 losses.(News)(Citigroup Inc. and its Salomon Smith Barney Holdings Inc. unit are suing Silverstein Properties Inc.'s insurer Industrial Risk Insurers over damage caused by the World Trade Center terrorist attacks )
Business Insurance, October, 2002 by Mcleod, Douglas
Byline: DOUGLAS McLEOD NEW YORK-While the coverage battle over the World Trade Center's Twin Towers has drawn widespread attention, another legal fight is developing between an insurer of WTC leaseholder Silverstein Properties Inc. and a major tenant of 7 World Trade Center, a nearby building that collapsed after the Sept.
11, 2001, terrorist attacks. Citigroup Inc. and its Salomon Smith Barney Holdings Inc. unit are suing Silverstein insurer Industrial Risk Insurers for more than $280 million in office improvements destroyed when 7 World Trade Center caught fire and collapsed several hours after the Twin Towers fell. Silverstein has refused to compensate Citigroup for its damages, and IRI is refusing to acknowledge an endorsement naming Citigroup as a...
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