The Court of Appeals has rejected a 2004 settlement The Travelers Company made with several plaintiffs over asbestos claims.
The St. Paul, Minn.-based insurer said the U.S. Court of Appeals for the Second Circuit sitting in New York has vacated the March 2006 decision of the U.S. District Court for the Southern District of New York–that approved Travelers' 2004 settlements over claims the insurer used illegal practices to delay settling workplace asbestos injury claims.
In its decision, filed on Friday, the court said the bankruptcy court, in its desire to bring finality to Travelers' litigation, erred in jurisdiction. The nature of the claims did not involve claims settlements, but state questions over the company's misconduct.
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