UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK
IN RE JOHNS-MANVILLE CORPORATION, ET AL.,Debtors.THE TRAVELERS INDEMNITY COMPANY ANDTRAVELERS CASUALTY AND SURETYCOMPANY (F/K/A AETNA CASUALTY ANDSURETY COMPANY), Appellants,- against -STATUTORY AND HAWAII DIRECT ACTIONSETTLEMENT COUNSEL AND COMMON LAWSETTLEMENT COUNSEL, Appellees.
11 Civ. 1312 (JGK)11 Civ. 1329 (JGK)OPINION AND ORDER
The appellants, Travelers Indemnity Company and TravelersCasualty and Surety Company (“Travelers”), appeal from a finaljudgment of the United States Bankruptcy Court for the SouthernDistrict of New York (Lifland, J.), dated January 20, 2011,requiring Travelers to pay over $500 million to certain asbestosplaintiffs that had filed direct actions against Travelers. TheJudgment sought to enforce three settlement agreements that wereexecuted by the parties in 2004. Because a condition precedentin the settlement agreements was not satisfied, it was error torequire Travelers to make the settlement payments. To thatextent, therefore, the judgment must be reversed.
Case 1:11-cv-01312-JGK Document 47 Filed 03/01/12 Page 1 of 32