Settlement reached in World Trade Center name rights case
NEW YORK (AP) — A settlement has been reached in a case involving the 1986 transfer of rights of the name World Trade Center to a nonprofit.
New York Attorney General Eric Schneiderman said Friday that an investigation found the Port Authority of New York and New Jersey “exercised lax oversight and virtually no due diligence” when approving the transfer to the World Trade Centers Association for $10.
The association will pay New York $184,000. It also will pay 33 percent of any revenues from the use of the name in New York and New Jersey, up to $15,000 a year.
The funds will go toward the World Trade Center memorial.
The nonprofit calls it a “satisfactory resolution.”
Port Authority Chairman John Degnan says the agency is reviewing its relationship with the association.