This article is from the Australian Property Journal archive
A GROUP of defendants including Bovis Lend Lease has settled a class action launched by workers who worked at removing debris from the World Trade Centre.
In September 2004, emergency employees and workers assisting with the recovery, and debris removal following the terrorist attacks of September 11 001 launched a class action against Bovis Lend Lease, the City of New York as well as 38 other defendants.
The number of claimants who have brought proceedings against Bovis is at present approximately 15,347 (comprising 9,232 first named claimants and 6,115 derivative claimants – for example, spouses).
Bovis is one of the beneficiaries of the approximately US$1 billion captive insurance policy established by the US Congress to protect the City of New York and its contractors including Bovis against liabilities that may arise from the clean up (‘WTC Captive’).
Last Friday, a settlement agreement was reached which will cost the federal-taxpayer funded WTC Captive $575 million at 95% plaintiff participation.
There could be additional sums depending on the level of plaintiff participation and the extent of new lawsuits filed in the future.
If all of the plaintiffs opt into the settlement, the settlement amount may increase to $657.5 million.
The settlement agreement does not impose any financial obligations on Bovis and the remaining assets of the WTC Captive will be available to meet any further claims that may be brought against Bovis and the other defendants.
Australian Property Journal
