Settlement In World Trade Center Name Rights

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 for just $10.

New York Attorney General Eric Schneiderman said Friday that an investigation found the Port Authority “exercised lax oversight and virtually no due diligence” when approving the transfer to the World Trade Centers Association for a Hamilton.

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.