Business Services Industry
Bank settles property claim; Allianz, AXA to pay Deutsche Bank $140 million.(News)(Brief Article)
Business Insurance, March, 2004 by Gonzalex, Gloria
Byline: GLORIA GONZALEZ NEW YORK-Deutsche Bank A.G. has reached an agreement with its insurers in the dispute over the bank's claim on its heavily damaged office tower near the World Trade Center. John Massopust, a lawyer for Allianz Insurance Co., confirmed that a settlement has been reached with the bank.
Under terms of the settlement, Allianz and AXA S.A. would pay Deutsche Bank $140 million for its insurance claim on the property at 130 Liberty St. The bank would then sell the property to the Lower Manhattan Development Corp, which would demolish the building. LMDC would pay $45 million toward the demolition costs, and the insurers would be responsible for any costs above that amount. While this settlement resolves the insurance claim on the Liberty...
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