March 1 (Reuters) - Travelers Cos has won the reversal of a court order directing it to pay more than $500 million to satisfy asbestos-related claims stemming from its coverage of a policyholder, Johns-Manville Corp.
U.S. District Judge John Koeltl in Manhattan said a federal bankruptcy judge erred in concluding that all the conditions required for payment under three settlement agreements dating from 2004 had been satisfied.
From the 1920s to 1970s, Johns-Manville had been the largest U.S. maker of products containing asbestos. It filed for bankruptcy protection in 1982 under the weight of litigation tied to resulting health problems.
Johns-Manville emerged from Chapter 11 in 1988 and is now owned by Warren Buffett’s Berkshire Hathaway Inc . (Reporting By Jonathan Stempel; Editing by Bernard Orr)