Travelers Hands Over $365M In Asbestos Deal

Law360, New York (July 6, 2007, 12:00 AM EDT) -- Still haunted by asbestos liabilities, the Travelers Cos. Inc. has agreed to fork over $365 million to put to rest a longstanding lawsuit brought by a bankrupt floor manufacturer which sought to hold the the insurer accountable for billions of dollars in damages.

On Friday, the insurance giant revealed the massive settlement with flooring ACandS Inc., with reinsurers expected to throw in an estimated $84 million as part of the deal.

The funds will help finance a $449 million trust that has been set up to...
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