A nonprofit organization that earned millions of dollars from the "World Trade Center" name after obtaining rights to it for $10 three decades ago will pay $184,000 to settle a state investigation of the trademark deal, reports NJ Advance Media. The payment from the World Trade Centers Association will go the September 11 Memorial Foundation, which operates the 9/11 memorial and museum at the former site of New York's World Trade Center.
New York Attorney General Eric Schneiderman's office launched the inquiry in 2013 following media reports about the 1986 transaction in which the Port Authority of New York & New Jersey ceded the trademark to the association. The Manhattan-based nonprofit was founded by a former high-ranking Port Authority official who helped oversee construction of the Twin Towers and was credited with coming up with the World Trade Center name. Under the settlement, the association must also turn over a third of its future revenue to the State of New York.