Travelers to Pay $500 Million for Johns-Manville Asbestos Claims

 Tuesday, July 22, 2014

 Reuters

A federal appeals court on Tuesday ordered Travelers Cos Inc to pay more than $500 million to satisfy asbestos-related claims stemming from the insurer’s coverage of insulation maker Johns-Manville Corp, a policyholder that spent six years in bankruptcy during the 1980s. The 2nd U.S. Circuit Court of Appeals in New York reversed a February 2012 ruling in which U.S. District Judge John Koeltl said conditions under three settlement agreements in 2004 that required Travelers to make the payment had not been satisfied.
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