Judge Judith Fitzgerald on Friday approved Halliburton’s $4.2 billion asbestos settlement plan and signed the Chapter 11 restructuring plans for its business units KBR and DII Industries.
KBR and DII Industries filed for bankruptcy protection in December after about 400,000 individuals filed claims against Halliburton over asbestos and silica exposure.
The majority of claims stem from Halliburton’s acquisition of DII, formerly Dresser Industries, which the company bought in the 1990s, when Vice President Dick Cheney was the company’s CEO.
As part of the settlement, Halliburton will establish a trust fund, using cash, stock and notes, to pay possible future claims,
The settlement is subject to appeals.
(via The Associated Press)
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