Halliburton, a pipeline services company based in Huston, is trying to resolve tens of thousands of asbestos-related health claims without having the whole company file for bankruptcy. Halliburton inherited the Asbestos liabilities when it bought Dresser Industries in 1998, when Vice President Cheney was the chief executive of Halliburton. Attorneys for both Halliburton and plaintiffs outlined the strategy for settlement.

Three factors driving the Halliburton settlement are: the growing fear of asbestos liability; the interests of claimants to receive compensation quickly, ideally from solvent companies; the fear by lawyers for claimants that legislation might be enacted limiting corporate liability. The Halliburton settlement will almost certainly be subject to legal challenges.

The total cost of resolving asbestos claims has already reached $54 billion and could rise to as much as $260 billion, according to the Rand Institute for Civil Justice.

(via New York Times)