Iran Told to Pay $10.5 Billion to Sept. 11 Kin, InsurersBy
Iran hit with judgment after failing to defend court claims
Claimants may use law allowing victims of terrorism to collect
Iran was ordered by a U.S. judge to pay more than $10.5 billion in damages to families of people killed in the Sept. 11, 2001, terrorist attacks and to a group of insurers.
U.S. District Judge George Daniels in New York issued a default judgment Wednesday against Iran for $7.5 billion to the estates and families of people who died at the World Trade Center and Pentagon. It includes $2 million to each estate for the victims’ pain and suffering plus $6.88 million in punitive damages.
Daniels also awarded $3 billion to insurers including Chubb Ltd. that paid property damage, business interruption and other claims.
Earlier in the case, Daniels found that Iran had failed to defend claims that it aided the Sept. 11 hijackers and was therefore liable for damages tied to the attacks. Daniels’s ruling Wednesday adopts damages findings by a U.S. magistrate judge in December. While it is difficult to collect damages from an unwilling foreign nation, the plaintiffs may try to collect part of the judgments using a law that permits parties to tap terrorists’ assets frozen by the government.
The case is In Re Terrorist Attacks on September 11, 2001, 03-cv-09848, U.S. District Court, Southern District of New York (Manhattan).
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Avicii, DJ-Producer Who Performed Around the World, Dies
- Deutsche Bank's Bad News Gets Worse With $35 Billion Flub
- Wells Fargo's $1 Billion Pact Gives U.S. Power to Fire Managers
- Oil Shrugs Off Trump Tweet to Rise for a Second Straight Week
- Southwest Airlines Gives $5,000 to Passengers on Fatal Flight