NU Online News Service, March 2, 3:51 p.m. EST

A federal judge has reversed a Federal Bankruptcy Court decision against Travelers and has thrown out an order for the insurer to pay $500 million in asbestos claims.

Judge John G. Koeltl, sitting in U.S. District Court in the Southern District of New York in Manhattan, ruled on Wednesday that the insurer does not have to make the payment because the conditions of prior agreements were not satisfied and “it was an error to require Travelers to make the settlement payments.”

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