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Supreme Court Upholds $500M Settlement

An insurance company for a large asbestos mining and manufacturing company had asbestos exposure claims brought against them in 2003 and 2004. As a result of those claims the company came to an agreement with a bankruptcy judge in 2006.

The agreement said that the insurance company, Travelers Companies Inc, would pay a $500 million settlement provided that future claims against them be barred. That decision was repealed last year by an appeals court. However, the Supreme Court upheld the original decision in a 7-2 decision on Thursday.

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