A federal appeals court has overturned the district court’s approval of an attempt by Travelers Companies, Inc., one of the nation’s largest insurers, to settle its asbestos-related liability. The U.S. Court of Appeals for the Second Circuit held that the New York federal district court did not have jurisdiction to approve the settlement. Travelers has not indicated whether it will further appeal the decision. It has said that it does not expect the ruling to impact earnings or prompt a boost in asbestos liability reserves.
Travelers insurance asbestos settlement rejected by appeals court
27
Feb
2008
