March 1, 2012 / 10:57 PM / 5 years ago

Travelers wins reversal in $500 mln asbestos case

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)

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