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. It 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 multidistrict litigation (MDL) proceedings is currently $1.3 billion. The agreement includes the following:
Payments will be held in the trust pending the finalization of this settlement, which is contingent on final Court approval, including any appeals of:
Additionally, the settlement is subject to an agreed-upon level of participation by the current claimants which, if not achieved, allows Halliburton to terminate the agreement. I believe this goal will definitely be met.
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.