Travelers ordered to abide by $500M asbestos pact

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.

By Christie Smythe, Bloomberg | Updated on July 22, 2014

(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.

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