The U.S. Court of Appeals for the Second Circuit on Tuesday reversed a $64 million jury verdict in a long-running reinsurance dispute over asbestos liability, ruling that Fireman’s Fund Insurance Co. was not obligated to cover costs that were allegedly in excess of its policies.

The decision, from a three-judge panel of the Manhattan-based appeals court, wiped out a 2017 verdict by a federal jury in the Northern District of New York, which awarded Utica Mutual Insurance Co. $35 million in breach-of-contract damages, plus more than $29 million in prejudgment interest, stemming from seven reinsurance contracts that Fireman’s Fund issued to Utica Mutual between 1966 and 1972.