A New Twist in Halliburton's Asbestos Tangle
There's big bucks in asbestos litigation, and late Wednesday the sharks were circling around Halliburton (HAL Quote), the Texas-based energy-services company facing a mountain of asbestos-liability cases.
The legal feeding frenzy over the Halliburton asbestos cases spilled over to Wall Street after the market closed Wednesday. That's when one of the lawyers in the case purportedly let it slip that Halliburton might pay up to $4.2 billion to settle asbestos cases. Some 200,000 claims are pending against the company.
A published report late Wednesday afternoon indicated the company had agreed to set up a trust to pay existing and future asbestos exposure claims. The report, attributed to plaintiffs' lawyers, said the settlement trust would be funded by as much as $2.8 billion in cash, with the balance in stock. ...
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