Tuesday, September 16, 2003

Capitalism and the Law: Insurers Sue Over 9/11 Attacks

Law.com reports on a recent suit brought by five major insurance companies who have sued Osama bin Laden, al-Qaida, dozens of other terrorist organizations and five Middle Eastern countries, seeking $300 billion in connection with claims paid out to victims of the 9/11 attacks.

Lawyers from Cozen O'Connor filed the suit on Wednesday in the U.S. District Court for the Southern District of New York but eventually hope to consolidate it with separate suits filed in New York and Washington directly by the families of 9/11 victims, Cozen partner Elliott Feldman said. . .

Feldman said his clients have paid $4 billion in reserve claims and there are more than 300 wrongful-death claims and more than 100 personal injury claims. He said the potential damages from those claims are "dozens of billions" of dollars. That number is tripled because the money sought in the lawsuit can be trebled under RICO and antitrust legislation. And then Feldman said there is another increase when factoring in punitive damages, leading to the $300 billion figure mentioned in the complaint.
Antitrust? You have got to be kidding me.

Then again, one wonders what the world would look like if the DOJ went after al-Qaida as hard as it went after Microsoft.

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