Port Authority of New York and New Jersey News

Port Authority Approves Financing Deal to Finish 3 World Trade Center Tower

The Port Authority of New York and New Jersey approved a financing agreement for Larry Silverstein’s 3 World Trade Center that allows him to use $159 million of insurance proceeds to expedite construction. The agreement, which alters a 2010 deal …

Former Chubb COO Degnan Nominated as Chairman of Port Authority of N.Y.-N.J.

John Degnan, a former chief operating officer of Chubb Corp., was nominated for chairman of the Port Authority of New York and New Jersey by New Jersey Governor Chris Christie, filling a vacancy brought on by the scandal over last …

Port Authority Wrestles with World Trade Center Financing

The Port Authority of New York and New Jersey’s failure to agree to a loan guarantee for World Trade Center site developer Larry Silverstein shows agency leaders are wrestling over its direction as they seek to fix the dysfunction exposed …

Aon Accused by N.Y.-N.J. Port Authority of Unauthorized Commissions

Aon Plc was sued by the Port Authority of New York and New Jersey which claims the insurance broker kept unauthorized commissions and failed to return premium overpayments, causing the agency to pay millions of dollars more than it should …

Probe: Port Authority of N.Y.-N.J. Paid Too Much for Insurance

An internal investigation has found the Port Authority of New York and New Jersey paid millions of dollars in excessive insurance premiums for construction projects. Chief investigator Michael Nestor tells The Star-Ledger of Newark, N.J., the agency is looking at …

N.Y.-N.J. Port Authority: Sandy Caused $2B in Damage

The Port Authority of New York and New Jersey will spend more than $2 billion to repair damage from Superstorm Sandy, but the agency’s executive director said last week that the ultimate financial impact should be minimal. At its monthly …

Two N.Y. Port Authority Retirees Sue Over Revoked Lifetime Toll Passes

Two retired Port Authority of New York and New Jersey police officers who became lawyers have filed lawsuits because the agency revoked lifetime toll and parking passes. Thomas Westfield filed suit on behalf of himself and is seeking class-action status …

Port Authority Cleared of Negligence Claims in ’93 WTC Bombing

Last week, New York State’s high court cleared Port Authority of New York and New Jersey of negligence claims in the 1993 World Trade Center parking garage bombing. The Sept. 22 ruling reverses lower courts’ decision. The Court of Appeals …