Travelers Property Settles Asbestos Claims

A federal bankruptcy judge approved a plan by Travelers Property Casualty Corp. to pay $500 million to settle claims against the insurer by people with asbestos-related diseases linked to asbestos maker Johns Manville Corp.

More than 600,000 people sued Travelers claiming that it knew about the hazards of asbestos and failed to disclose them over the course of 30 years as Manville’s primary insurer.

The settlement means asbestos victims will receive extra compensation as the trust Johns Manville set up in 1988 to pay claims runs out of funds.