$502.5 million Asbestos Settlement approved

NEW YORK, Aug 18 (Reuters)

Insurer St. Paul Travelers Companies on Wednesday said a bankruptcy court approved a $502.5 million asbestos settlement for all pending asbestos court actions against its Travelers Property Casualty unit. Settlement funds include $445 million for claimants and $57.5 million in legal fees.

The payment will be made out of St. Paul's existing reserves. The U.S. Bankruptcy Court for the Southern District of New York-approved settlement bars similar future, asbestos-related direct actions against Travelers.

The court order is subject to appeal.