Travelers and Simpson Win Appeal of Bankruptcy Court Order in Long-Running Johns-Manville Case

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In the latest twist in a case more than three decades old, Travelers Indemnity has won its appeal of a ruling that ordered it to pay $500 million in settlement money to asbestos plaintiffs in the Johns-Manville bankruptcy. In an opinion issued on Thursday, Manhattan federal district court judge John Koeltl reversed the earlier ruling by a bankruptcy court, finding that "it was error to require Travelers to make the settlement payments."

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