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Simpson Thacher successfully represented Swiss Re, the lead insurer on the WTC, in a landmark verdict that deemed the September 11 terrorist attack a single "occurrence." The May 3, 2004 jury verdict had the effect of limiting Swiss Re's exposure for the September 11 terrorist attack to a single $877 million policy limit. The New York Law Journal ranked the case among the "Top Cases of 2004" together with some of the most highly profiled cases of the year, including the Martha Stewart, Frank Quatrone and Tyco criminal prosecutions, and landmark U.S. Supreme Court and New York Court of Appeals decisions. The WTC litigation was the only commercial litigation ranked among the top cases of the year.

Simpson Thacher commenced the litigation on behalf of Swiss Re in October 2001 in the face of pervasive media reports that WTC leaseholder Larry Silverstein intended to seek a "two occurrence" limit from the companies that insured the WTC on September 11. The litigation culminated in a 10-week jury trial in the Southern District of New York. The jury was asked to decide whether Swiss Re and ten other insurers agreed to provide coverage under a policy form, the so-called "WilProp form," that defined "occurrence" in such a way that the terrorist attack would be considered a single occurrence. WTC developer Larry Silverstein had been arguing since the days following the terrorist attack that Swiss Re and the other insurers agreed to a different policy form prior to September 11 that did not define "occurrence," leaving open the possibility of a double recovery. Following more than two weeks of deliberations, a unanimous jury found for Swiss Re.

For more on this landmark case click here.