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The U.S. Court of Appeals for the Second Circuit, reversing a district court’s decision, has ruled that The Travelers Indemnity Company and Travelers Casualty and Surety Company (together, “Travelers”) must pay over $500 million to asbestos plaintiffs based on Travelers’ obligations under certain settlement agreements (the “Agreements”) reached in the Johns-Manville Corporation bankruptcy proceedings years ago.

The circuit court rejected Travelers’ contention that a dispute with another insurance company prevented it from making the payments and ordered the district court, which had reversed the bankruptcy court’s final judgment ordering Travelers to pay, to reinstate the bankruptcy court’s ruling.

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