(Bloomberg) — Travelers Cos. must pay more than $500 million to victims of asbestos-related diseases under settlement proposal first approved by a judge in 2004, a federal appeals court in New York ruled.
Travelers was ordered to pay the amount under settlements stemming from the bankruptcy of Johns Manville Corp., once the largest supplier of asbestos and asbestos-containing products. Travelers, based in New York, had been the primary insurer of the company, which sought bankruptcy protection in the 1980s while facing claims related to asbestos exposure.
The appeals court ruling today is the latest of back-and- forth decisions over the proposed payout. The case had wound its way to the U.S. Supreme Court, which in 2009 overturned a ruling allowing suits against Travelers units by people harmed by asbestos exposure and revived the $500 million settlement.
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