Travelers Property Casualty Corp. announced that it has executed a definitive agreement settling asbestos-related statutory-based direct actions pending against Travelers under various unfair trade practices acts and similar statutes, including the Wise, Meninger and Cashman purported class actions and similar cases. The settlement in principle was previously announced on
The settlement will make available a fund of up to $375 million to claimants plus up to $37.5 million in legal fees. As previously announced, Travelers will fund this settlement from its unallocated asbestos reserves, which were $1.2 billion at
The settlement is conditioned upon a number of contingencies, including execution of a definitive settlement agreement relating to similar lawsuits filed in
The agreement requires that all claimants who receive compensation from the fund provide a general release of Travelers for all direct action claims they might have against Travelers relating to asbestos.
"I am pleased with the progress we have made over the past year in reducing our overall exposure to asbestos-related claims," said Chairman and Chief Executive Officer Robert I. Lipp. "This settlement is a reflection of our aggressive approach to resolving these claims and offers a unique opportunity for Travelers to resolve early all asbestos-related statutory direct actions that have been brought against Travelers."
Source: Travelers Property Casualty Corp.
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