Legal Disputes Delay Ground Zero Development

"Deutsche Bank AG, Europe's second-largest bank by assets, filed a lawsuit against Allianz AG and Axa SA, Europe's biggest insurers, over plans to demolish its lower Manhattan tower damaged in the Sept. 11, 2001, terrorist attacks." Deutsche asserts that their insurance providers should "cover their portion of the costs associated with replacing the building, including the cost of a safe and environmentally responsible demolition of the building." However, the insurance providers "refused to pay their half of the building's $1.72 billion of coverage" claiming that the building is salvageable. "Resolving the litigation is important because architect Daniel Libeskind, whose master plan has been selected for the trade center site, incorporated the...property into his design. It would help ease crowding at Ground Zero, where a 1,776-foot tower, transportation center, four office buildings, retail and cultural space and a memorial are planned. The land where the bank tower stands would be used for an underground truck service area and a new tower."

Thanks to Connie Chung