Request Legal Help Now - Free

Advertisement
LAWSUITS NEWS & LEGAL INFORMATION

Travelers Companies Inc.

This is a settlement for the Asbestos Mesothelioma lawsuit.

New York, NY: (Jul-06-07) Travelers Companies Inc., one of the largest US property and casualty insurers, reached a settlement in which it agreed to contribute $449 million to a bankruptcy trust to end several years of asbestos-related litigation. The suit stemmed from a dispute with ACandS Inc., a former insulation installing unit of Armstrong World Industries Inc., which filed for bankruptcy protection several years ago under the weight of about 270,000 asbestos-related injury claims. ACandS had looked to insurers such as Travelers to help cover many of those claims.

Asbestos was widely used in insulation and construction until the mid-1970s. Inhalation of the fibrous mineral has been linked to cancer and other diseases, and injury claims drove dozens of US companies into bankruptcy. St. Paul, Minnesota-based Travelers said the trust will be established as part of ACandS' reorganization plan. It expects net settlement costs of $365 million after passing $84 million of the total cost to its reinsurers. Travelers stated that the settlement will resolve all current and future asbestos-related coverage claims related to ACandS. It will fund the settlement from existing reserves, and claimed that it did not expect any impact on future earnings. [REUTERS: ASBESTOS FUND]


Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.
Published on Jul-10-07


ADD YOUR COMMENT ON THIS ISSUE

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.

Request Legal Help Now! - Free