The New York Times
Thu, June 10, 2010 -- 11:18 AM ET
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New Ground Zero Settlement Gives Plaintiffs $712.5 Million, Caps Legal Fees
Lawyers for the city and about 10,000 rescue and cleanup
workers at ground zero have renegotiated a new settlement
under which the city's insurer kicks in more money and the
plaintiffs' lawyers reduce their legal fees to give the
workers more money than the original agreement called for.
After nearly three months of renegotiations, the city's
insurer, the WTC Captive Insurance Company, has agreed to
increase its payout to plaintiffs to $712.5 million. The
previous terms called for payouts totaling $575 million to
$657.5 million.
In addition, the plaintiffs' lawyers have agreed to reduce
their fees to a maximum of 25 percent of the settlement
amount, down from the 33.33 percent called for in the
contingency fee agreements with their clients. As a result,
the plaintiffs will get to keep an additional $50 million.
Read More:
http://www.nytimes.com/2010/06/11/nyregion/11zero.html?emc=na
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