NU Online News Service, June 24, 3:28 p.m. EDT
|A federal judge has granted final approval to a settlement of upto $712.5 million for workers' claims against the World TradeCenter Insurance Company.
|Judge Alvin K. Hellerstein of the U.S. District Court for theSouthern District of New York signed an order Wednesday approvingthe settlement after granting preliminary approval to it earlier this month.
|Judge Hellerstein stated, "I intend to approve this settlementand I now do so as a fair, adequate, and reasonable settlementreflecting hard work and a concern for fairness by all parties. Itis fair in amount and fair in procedures."
|The settlement will cost the WTC Captive--a not-for-profitinsurance company enabled by Congress to defend and indemnify NewYork City and the contractors it hired for 9/11 rescue work--$625million in cash at the required 95 percent plaintiff participation,with an additional $87.5 million paid if certain conditions aremet.
|Plaintiffs will have 90 days to opt into the settlement, unlessthat period is extended, WTC Captive said.
|The settlement represents a $125 million increase over asettlement nixed by Judge Hellerstein in March.
|Judge Hellerstein signed the order after hearing testimony from9/11 first responders and others.
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