CNN/Money  
graphic
News
graphic
Asbestos suits may end
Halliburton, Honeywell reportedly near settling costly claims; both stocks rise
December 11, 2002: 7:07 PM EST

NEW YORK (CNN/Money) - News that Halliburton and Honeywell are close to settling multimillion-dollar asbestos-related lawsuits against them sent shares of both stocks higher late Wednesday.

Halliburton Co. (HAL: Research, Estimates), a Dallas-based energy company, said a court extended a temporary restraining order against more than 200,000 pending asbestos claims.

In addition, Bloomberg News, citing plaintiffs' lawyers, reported that Halliburton agreed to pay as much as $4.2 billion to settle asbestos-related claims against several current and former units and wipe out future asbestos liability.

Similarly, Honeywell International Inc. (HON: Research, Estimates) is close to finalizing a deal to resolve "a significant portion" of its asbestos lawsuits, according to Dow Jones, which cited comments from Honeywell attorneys to federal bankruptcy judge Judith Fitzgerald in Pittsburgh.

Honeywell, the Dow Jones report said, has reached agreement with plaintiff attorneys representing about 190,000 of 200,000 claimants in lawsuits related to its former North American Refractories unit, known as Narco.

Halliburton shares rose 83 cents, or 4 percent, to $21.23 in after-hours trading, while Honeywell, an aerospace company based in Morristown, N.J., gained 44 cents, or 1.8 percent, to $25.25.  Top of page




  More on NEWS
European Parliament votes for Google breakup
Oil prices fall ahead of OPEC meeting
Black Friday deals are already here
  TODAY'S TOP STORIES
Shoppers say 'no' to Black Thursday
New in Macy's Thanksgiving Parade
Black Friday deals are already here




graphic graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.