In lower Manhattan of NY, The World Trade Center Used to be a large complex of seven buildings. The twin towers that it featured which were opened in 4Th of April in 1973. They were the tallest buildings in the world for a specific period of time including 110 floors. In 2001, 11th of September, Al-Qaeda affiliated hijackers hijacked two of the Boeing 767 jets and flew them into the South and North towers. The Attack took the life of 2606 people around the tower, as well as the 157 passengers in both planes. Two hours after the attack both of the towers collapsed. Falling debris from the towers led to other buildings of the complex partially or complete collapse.
WTC victims compensation:
By an Act of Congress, the Air and Transportation Safety and System Stabilization Act, the September 11th WTC victims compensation fund was created with a view to compensating the victims of the attack or their families in exchange for not suing the involved airline corporations. Attorney General John Ashcroft appointed Kenneth Feinberg to be special master of the WTC victims compensation fund.
For 33 months he worked voluntarily and without payment. He administered all the aspects of the program and developed the regulations governing the administration. For making the decision on how much each family will receive Feinberg was responsible. How much a victim would have earned in a full time is what Feinberg had to estimate. It was impossible to appeal if a family accepted the offer.
The families, who were unhappy with the offer, were able to appeal in a non-adversarial, informal hearing for presenting their case like the way they wanted. Over more that 900 of the 1600 Feinberg personally presided.
Seven billion US dollars was awarded to 97% of the families at the end of the process. $ 1.8 million was the average payout. In the acceptance papers, there was a non-negotiable clause for the settlement. The clause was that the families will never file suit against the airlines for any lack of security or unsafe procedures.
There was a stumbling block to statements in WTC victims compensation fund which was many of the WTC victims were highly compensated professionals and their families were feeling that the compensation was too low and had court considered their case individually that they would have been awarded greater amount of compensation. Against the time, complications and risk of pursuing an individual case the concern had to be balanced and the real possibility that the airlines and insurers could get bankrupted before being able to pay the claims of the families of the victims. This is the different fund from similarly named September 11th fund and from the World Trade Center Captive Insurance Company.
The attack of 9/11 was an attack that left the whole world speechless. A lot of lives were lost that day. Though money against life, there is no math here. But such an attempt was taken for the future welfare of families of the victims, which was definitely well appreciated.