source: Pittsburgh Tribune Sep 21, 2011
Without explanation, a group of insurers today dropped its lawsuit against Saudi Arabia and several Saudi organizations claiming they should cover the $215 million the group has paid out in claims related to the 9/11 terrorist attacks.
Stephen Cozen, a Philadelphia lawyer representing Lloyd`s Syndicate 3500, filed a notice today that the group is voluntarily dismissing its lawsuit. Cozen, by email, refused to discuss the reasons for dropping the case.
Cozen previously said his group filed the lawsuit to hold terrorism sponsors accountable.
Lloyd`s Syndicate 3500, part of the company more commonly known as Lloyd`s of London, filed the lawsuit on Sept. 8. The group contends that Saudi Arabia and the other defendants knowingly provided material support and resources to al-Qaida in the years preceding the terrorist attacks.
The defendants included the Saudi High Commission for Relief of Bosnia & Herzegovina, Saudi Joint Relief Committee for Kosovo and Chechnya, Saudi Red Crescent Society, the Saudi-based National Commerce Bank, Al Rajhi Banking and Investment Co. and three Saudi citizens connected to the organizations.