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Judge reverses Travelers’ $500 million asbestos case

District judge calls bankruptcy judge’s ruling an “error”

Safely out of a legal storm that would’ve cost it hundreds of millions of dollars, Travelers Cos. can close its signature red umbrella.

Yesterday, a district judge reversed a bankruptcy court’s 2011 ruling that required the St. Paul, Minnesota-based insurance company to pay more than $500 million to resolve asbestos-related claims tied to its coverage of policyholder Johns-Manville Corp., which was the largest U.S. maker of products containing asbestos from the 1920s to 1970s.

Ashley Post

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