Travelers Indemnity Co. must pay more than $500 million to Johns-Manville Corp. under an insurance policy covering asbestos claims, a unanimous federal appeals panel has ruled, reinstating a bankruptcy court order that had been overturned by a district court.
A Second Circuit panel ruled Tuesday in In re: Johns-Manville Corp., 12-1094-bk, that Southern District Judge John Koeltl (See Profile) had been wrong to rule that settlements in 2003 and 2004 requiring Travelers to pay the claims were not enforceable.
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