Al-Qaeda should pay insurers $9.4 billion for Sept. 11 attacks, says U.S. Magistrate
Following the September 11, 2001 terror attacks on New York City and Washington, Chubb and four other insurers sued various defendants, including al-Qaeda, the terror group founded by Osama bin Laden, for money that they paid to policyholders to cover business and property losses. On Friday, October 14, a U.S. Magistrate said that the insurers should recover triple damages – a sum of $9.4 billion – from al-Qaeda under the U.S. Anti-Terrorism Act.
Federal Magistrate Judge Frank Mass sent his ruling in a recommendation to a district judge presiding over a lawsuit brought by the insurers. That judge will decide whether to award the money.
The case is Federal Insurance Co. v. Al Qaida, 03-CV-6978, U.S. District Court, Southern District of New York.
