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Halliburton Settles 30 Lawsuits

May 28, 2002 | AP

Halliburton Co. announced Tuesday that it has settled 30 lawsuits that had sought millions of dollars in damages from those with lung cancers allegedly caused by asbestos exposure.

The Dallas-based oil-services provider declined to release terms of the settlements. The suits were pending against it in a New York federal court.

In recent months, Halliburton's stock has fallen sharply as the company lost verdicts totaling more than $150 million in asbestos cases. Some of the company's units and former subsidiaries made construction products with the heat-resistant material. Most of the claims were filed by workers who alleged they had developed cancer from inhaling the asbestos fibers.

In March, Halliburton said it had closed 200,500 claims since 1976 for about $750 apiece, or $150 million total. In its first-quarter 2002 earnings report, the company stated that it had taken an after-tax charge of $28 million that quarter to cover asbestos claims.

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