Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/hse/halliburton-reaches-11-billion-settlement-on-macon.shtmlHalliburton reaches $1.1 billion settlement on Macondo claims
Halliburton has reached an agreement to settle a substantial majority of the plaintiffs' class claims asserted against the company as
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Halliburton has reached an agreement to settle a substantial majority of the plaintiffs' class claims asserted against the company as a result of the April 20, 2010 Macondo well incident in the Gulf of Mexico.
The approximately $1.1 billion settlement, which includes legal fees, is subject to approval by the United States District Court for the Eastern District of Louisiana, and will be paid into a trust until all appeals have been resolved in three installments over the next two years. The company's previously accrued loss contingency provision relating to the multi-district litigation proceedings is currently $1.3 billion.
The agreement includes the following:
◾ Claims against Halliburton that BP assigned to the settlement class in BP's April 2012 settlement, ◾ Punitive damages claims against Halliburton by a class of plaintiffs who allege damages to property or associated with the commercial fishing industry arising from the Deepwater Horizon Incident, and ◾ Affirmation that Halliburton has no liability for compensatory damages to the members of the settlement class in the BP April 2012 settlement.
