Travelers Property Casualty Corp.’s proposal to pay $500 million to victims of asbestos-related diseases is on its way to becoming a reality after a judge said the settlement amount is acceptable, says Bloomberg News.

If all goes as planned, the the pact would be one of the largest settlements in asbestos-legislation history, the article says. Travelers insured the Johns-Manville Corp. (which no longer exists) for more than 30 years while it produced and sold asbestos.

“There have been no arguments on the adequacy of the half billion dollars,” says Judge Burton Lifland at the hearing. “A lot of money has been put on the table for people who are deserving. There are never enough funds available for something like this, but nothing’s been shown it’s not fair or reasonable.”

But before approving or denying the agreement, Lifland must consider other issues, such as whether the mechanism for setting up the settlement fund meets the requirements of the bankruptcy code, the article says.

Under the proposal, about $445 million will go to the individuals and families who filed wrongful death and personal injury claims against Travelers for insuring Johns-Manville and not disclosing that asbestos was hazardous. Another $57 million will be used to cover legal fees.

“Travelers failed to disclose information that it is alleged to have learned from its insurance relationship with Manville, including from Travelers’ defense of asbestos-related lawsuits,” the victims said in court papers.

Lifland did not say when he expects to rule on the claim.