WTC Developers Can't Seek Double Recovery: Insurers

Law360, New York (December 6, 2011, 7:29 PM EST) -- Several insurers asked a New York federal court Monday to rule against World Trade Center developers seeking cuts of a $1.2 billion insurance settlement over property damage from 9/11, arguing the developers already received their proceeds from the loss.

Industrial Risk Insurers, Great Lakes Reinsurance (U.K.) PLC and certain underwriters at Lloyd's of London filed motions for summary judgment, joining the only other defendant, The QBE Group, which filed a partial summary judgment motion Friday.

The WTC developers argue they have right of priority to parts...
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