Word Trade Center Properties LLC (WTCP) bought 99-year leases on four of the buildings just two months before September 11. They purchased the leases from the Port Authority of New York and New Jersey. They are now seeking damages for loss of property and loss of business.
WTCP claims that United Airlines and American Airlines acted negligently. As a result, terrorists were able to hijack the airplanes and fly them into the World Trade Center. Also mentioned in the lawsuit were Boeing, security companies, and the Massachusetts Port Authority that manages Boston Logan International Airport.
The company is seeking $8.4 billion from the airlines, which is the estimated cost of replacing the towers. It is also important to note that WTCP already recovered $4 billion from insurance companies. The issue at hand is whether the airlines should pay additional damages beyond what was already paid.
“If a plaintiff has been compensated for economic loss… such as an insurance company, the plaintiff cannot recover compensation again.” Whether any payments made would be double dipping is still being investigated.