9/11 Families Settle Negligence Suit Vs AMR

WingNaPrayer

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Aug 20, 2002
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Anyone have any intimate knowledge regarding AA's share of the settlement rumored to be close to $1B?
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BALTIMORE (AP) --Five families who lost relatives in the 2001 terrorist attacks have settled their negligence lawsuit against AMR Corp.'s (AMR) American Airlines, Boeing Co. (BA), and a passenger screening company, a lawyer said.

The families refused money from the Victim Compensation Fund, which was created by Congress to protect airlines from a barrage of litigation, so they could pursue the lawsuit and highlight airport security failures.

The amount of the financial settlement is confidential, but "substantial," Keith Franz, a lawyer who represents four Maryland families who lost relatives at the Pentagon, said Tuesday. "The families feel completely vindicated by their decision."

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Anyone have any intimate knowledge regarding AA's share of the settlement rumored to be close to $1B?

Seriously doubt that AA is gonna pay anywhere near $1 billion to five families. Probably more like $5 million to each. Maybe even $10 million. $200 million to each? Not in anyone's wildest dreams.

Immediately after September 11, 2001, AA recorded a liability of about $2.3 billion for its anticipated liabilities, offset by an equal receivable of $2.3 billion, representing its insurance coverage.
 
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