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Deadline Extended for Workers to Opt-in for WTC Captive Settlement

Source: Business Insurance

Posted on 27 Aug 2010

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The deadline to opt into a settlement has been extended by a month by the WTC Captive Insurance Co., from September 8 to November 8.

The additional time will allow rescue and recovery workers to decide whether to accept the settlement for lawsuits they filed against New York City over exposure to contaminants sustained in the September 11, 2001 terrorist attack on the World Trade Center.

According to WTC Captive Insurance, more than 5,000 plaintiffs—or more than half of those eligible—already have opted in to the settlement, which could be worth up to $712.5 million. Less than 0.5% of those eligible have rejected the agreement.

In addition, the captive said that it will move $625 million into a separate settlement account on Aug. 30 in anticipation of meeting the 95% opt-in threshold required to make the settlement effective.