Posted by Andrew S. Wainwright on Jan 6, 2015 3:54:00 PM The $500 million dollar settlement to pay asbestos victims agreed to twelve years ago by Travelers Insurance has been confirmed by the Second Circuit Court of Appeals. Travelers agreed to settle their obligations to asbestos victims under policies written for their insured Johns-Manville Corp.… Read More

Posted by Andrew S. Wainwright on Jul 22, 2014 2:17:00 PM A unanimous 2nd Circuit Court of Appeals panel today ordered Travelers Insurance to pay asbestos victims more than $500 million to comply with a settlement Travelers first agreed to in 2003. Travelers was the primary insurance carrier for Johns-Manville Corporation, once the world’s largest… Read More

As a result of the widespread use of their deadly products, many of the manufacturers of asbestos-containing products have filed for Chapter 11 bankruptcy protection. After filing for bankruptcy, our laws protect asbestos companies from further individual lawsuits filed by people with mesothelioma or other asbestos-related disease. But before an asbestos company can reorganize and emerge from bankruptcy, courts require them to pay compensation for those injured by the company’s products and conduct. Part of the bankruptcy process, therefore, involves the company setting aside a specific amount of funds in order to pay the claims of all injured individuals. The sum of money set aside by the company, under court supervision, is referred to as a “bankruptcy trust.” Once the trust is established, it is the only way for victims injured by that company’s products to receive compensation from that company. The company can no longer be sued.… Read More