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Industry: Email Alert RSS FeedTravelers settles some asbestos class actions.(Company News)
National Underwriter Property & Casualty-Risk & Benefits Management, December, 2003 by Hays, Daniel
Travelers Property Casualty Corp. announced that it has executed an agreement in principle to settle asbestos class actions that sought damages from the company for using illegal practices to delay settling claims. Terms of the settlement at the present time are confidential under federal bankruptcy mediation rules, Travelers said.
The company said the claimants alleged Travelers violated state insurance unfair claim and trade practices statutes while handling asbestos claims. In papers filed with one of the cases in West Virginia, plaintiffs asked for compensatory and punitive damages, alleging that insurers had acted "maliciously" using "fraud, deceit and outright lies," designing and orchestrating their claims settlement practices to "intentionally...
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