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Al-Qaeda Should Pay $9.4 Billion for 9/11, U.S. Magistrate Says

Oct. 15 (Bloomberg) -- A U.S. judge will decide whether to award Chubb Corp. and four other insurers $9.4 billion in damages in their suit against al-Qaeda over the Sept. 11 terrorist attacks.

U.S. Magistrate Judge Frank Maas in Manhattan said yesterday that the insurers, which sued for money they paid to policyholders to cover business and property losses, should recover triple damages under the U.S. Anti-Terrorism Act.

The insurers won a default judgment in 2006 against al-Qaeda, the radical Muslim terrorist organization behind the attacks, after the group didn’t contest the suit.

Maas gave the parties 10 days to file any objections to his report and recommendations to U.S. District Judge George Daniels. Daniels, who is presiding over the case, will then decide whether to award the money.

The case is Federal Insurance Co. v. Al Qaida, 03-CV-6978, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Bob Van Voris in New York at rvanvoris@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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