After the decades of litigation and two years of mediation, this settlement approval solved a dispute..
US bankruptcy judge has approved a settlement of asbestos claims of $1.5 billion worth between two subsidiaries of US oilfield service company Halliburton and insurers.
According to the Company?s statement, Judith Fitzgerald, Bankruptcy Judge in Pittsburgh, approved the settlement Tuesday between Halliburton's DII Industries and KBR and more than 150 insurance companies.
Court approval cleared the way for Halliburton to complete a $4.8 billion plan to settle all current and future asbestos claims.
After the decades of litigation and two years of mediation, this settlement approval solved a dispute between Halliburton and insurers over how much the company was entitled to for asbestos liability.
"This is clearly one of the concluding steps toward permanently resolving our asbestos and silica liability that will provide payments to the impaired claimants," said Dave Lesar, Halliburton chairman.
