After ten weeks of trial and more than two weeks of jury deliberations, the jury in the World Trade Center case rendered a verdict in favor of Simpson Thacher client Swiss Re on May 3. The verdict follows a partial verdict rendered by the same jury on April 29 against three insurers and in favor of six insurers, including a consortium of London insurers and Federal, that together had more than $1 billion worth of coverage.
The verdict in favor of Swiss Re comes in a litigation that has lasted approximately two and a half years. The jury found that Swiss Re bound its $877 million worth of coverage using the so-called WilProp Form -- a form under which the September 11, 2001 attack constituted a single occurrence. According to two prior court decisions in the litigation, the jury's verdict means that Swiss Re's payout obligation is no more than its 25 percent share of the $3.5 billion loss limit property policy. The jury rejected the insureds' claim that they were entitled to twice the maximum payout of the policy.
Simpson Thacher partners who have been involved in the World Trade Center case include Barry Ostrager, Mary Kay Vyskocil, Chet Kronenberg, Jamie Gamble, Joe Tringali, Rob Smit, David Vann, Seth Ribner and Scott Kobak. Associates involved include Michael Kibler, Michael Garvey, Tyler Robinson, Michael Ledley, Katherine Cleary, Erika Burk, Jill Goldberg, Reynelle Brown, Kimberly Hamm, Gena Hatcher, Nicole Kaplan, Laura Molinari, Brandi Rubin, Jeffrey Hall and Stephanie Fleischman. Paralegals involved in the matter include Loretta Washienko, Meghan Cannella, Virginia DeAngelo, Lindsey Dorval, Regis Goodwin, Carrie Kroll, Lea Levy, Marisela Licerio, Andrew McGoey, Tony McMillion, Anika Providence, Jose Ramon, Rick Rosario, Brian Treggs, Jordan Weitz and Steve Wilson.
To Read More About the Verdict, See:
Bagli, Charles V., U.S. Jury Limits Payout of Trade Center's Biggest Insurer, N.Y. Times (May 4, 2004).
Swiss Re Wins in World Trade Center Insurance Trial, Bloomberg (May 3, 2004).
Hamblett, News Watch, N.Y.L.J. (May 4, 2004).