Judge Frees Travelers From $500M Asbestos Settlements

Law360, New York (March 1, 2012, 9:32 PM EST) -- A New York federal judge on Thursday reversed a bankruptcy court's ruling that required Travelers Indemnity Co. to pay $500 million to plaintiffs in three settlements in underlying asbestos injury disputes over asbestos supplier Johns-Manville Corp., a former policyholder.

U.S. District Judge John G. Koeltl said U.S. Bankruptcy Judge Burton R. Lifland had erred in his January 2011 decision when he found certain conditions required by the settlements, which were signed in 2003 and 2004, had been met. Judge Koeltl disagreed that the conditions had been...
To view the full article, register now.