World Trade Center developer Larry Silverstein suffered a setback in ongoing litigation with his insurers when a New York federal judge ruled that some of the insurance companies will pay actual cash value only if Silverstein decides not to rebuild the site, something he has publicly vowed to do. The latest round of the lawsuit between Silverstein and two of the site's 24 insurers centered on whether the insurers would pay actual cash value or the replacement cost of rebuilding the site.
Silverstein Loses Round in Payout Battle with World Trade Center Insurers
New York Law Journal
June 28, 2005