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