No Payday For Insurance Co. In 9/11 Case: 2nd Circ.

Law360, New York (October 21, 2008, 12:00 AM EDT) -- A federal appeals court on Monday ruled against Industrial Risk Insurers Inc. in its attempt to recoup from Citigroup Inc. and others $861 million in payments in the wake of the Sept. 11, 2001, terrorist attacks that claimed 7 World Trade Center among other New York buildings.

The U.S. Appeals Court for the Second Circuit affirmed a lower court's opinion, dismissing a lawsuit against defendant Citigroup, ruling that a lease between Silverstein Properties Inc. and Citigroup Global Markets Holdings Inc. assumed risks associated with the devastating...
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