U.S. Supreme Court to consider reinstating asbestos settlement against Travelers
The United States Supreme Court has agreed to consider whether to reinstate a settlement of approximately $500 million against Travelers Companies Inc. who was the long-time insurer for Johns Manville Corp. Johns Manville Corp. was once the larger asbestos manufacturer in the world.
The settlement purportedly would resolve any and all asbestos claims related to Travelers’ relationship with Johns Manville. Some asbestos victims have alleged that Travelers attempted to hide the heath hazards of asbestos: serious health risks like mesothelioma and lung cancer. Travelers had argued that any claims against it should be paid out of the Johns Manville bankruptcy trust, but the insurance company did agree to settle so long as the federal courts could guarantee it would face no more asbestos claims in the future.
The bankruptcy judge approved the settlement, but the United States Court of Appeals for the Second Circuit reversed, finding that the bankruptcy judge acted beyond his authority.
Argument in the consolidated cases—The Travelers Indemnity Co. v. Bailey and Common Law Settlement Counsel v. Bailey—will take place in March.
Read the full AP story.
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