The World Trade Centers Association (WTCA) reached a settlement with New York Attorney General Eric Schneiderman last week over allegations that its purchase of the rights to the name “World Trade Center” had little oversight and no due diligence.
In 1986, the association purchased the rights to the name from the Port Authority for just $10.
As part of the settlement, the WTCA will pay $184,000 to the state, as well as 33 percent of all future profits from use of the World Trade Center name in New York and New Jersey for the next 20 years up to $15,000 annually.
Schneiderman has asked that all funds received from the settlement go to the September 11 Memorial Foundation.
“After an investigation that looked back nearly 30 years, we found that the Port Authority sold this association its rights to the ‘World Trade Center’ name for pennies on the dollar,” Schneiderman said. “Today’s settlement is a reasonable and fair way to compensate the people of New York State for the use of a cherished symbol—and I am calling on the ttate to direct these funds to honor those we lost on that terrible day in 2001.”