"NYC, 9/11 Workers Reach $712.5 Million Injury-Claims Settlement"

"Lawyers for 10,000 workers claiming illnesses from rescue, recovery and debris removal after the Sept. 11 World Trade Center attack have agreed with New York City on a $712.5 million compensation fund to settle the cases.

The city and its WTC Captive Insurance Co., set up with $1 billion from the federal government, joined with plaintiffs’ attorneys to present the agreement today to U.S. District Judge Alvin Hellerstein in Manhattan.

The accord offers more money than an earlier proposal, and creates eligibility criteria for compensation to those suffering from diseases and injuries including asthma and terminal cancer, said Margaret Warner, Captive Insurance’s lawyer. The agreement also caps attorney’s fees at 25 percent of awards. Each claimant will get a free cancer-insurance policy with a $100,000 benefit."

Henry Goldman reports for Bloomberg June 10, 2010.

Source: Bloomberg, 06/11/2010