Insurance
Sep. 20, 2011
New insurer lawsuit targets Saudi Arabia for Sept. 11 losses
A UK-based insurance syndicate sues Saudi Arabia for the more than $215 million it paid out on Sept. 11 claims. By Deborah L. Stein of Simpson Thacher & Bartlett LLP
On the eve of the 10th anniversary of the coordinated Sept. 11, 2001 terrorist attack, a United Kingdom based insurance syndicate filed a federal lawsuit demanding that Saudi Arabia, several Saudi organizations and banks, and three Saudi citizens reimburse the more than $215 million the insurers paid out on Sept. 11 claims. Specifically, on Sept. 8, the Underwriting Members of Lloyd's Syndicate 3500 filed a complaint in the Western Distric...
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