Law360, New York (May 11, 2012, 3:59 PM ET) -- Gas drilling products company Hydril Co. filed suit in New York federal court Tuesday alleging General Electric Co. breached the terms of a 2008 acquisition by failing to pay for defense costs in a settled $100 million dispute over a defective Hydril blowout preventer.
Hydril, which makes steel pipe connections used to construct oil and gas wells, sold its pressure control products business to GE in January 2008. The deal contained an indemnification clause for assumed liabilities, including a 2007 suit by Nexen Petroleum USA Inc.,...
GE Must Aid Blowout Preventer Defense, Gas Co. Says
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