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Court Vacates $500M Asbestos Settlement

NEW YORK (CN) - The 2nd Circuit vacated a $500 million asbestos-related insurance settlement between Johns-Manville Corp. and Travelers Insurance over injuries stemming from Manville's products. The case has been remanded to the bankruptcy court. "It seems to us there is not one but many courthouses where the legitimacy of these actions must be tested," Judge Wesley wrote.

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