Halliburton Loses Case To Drop Retiree Medical Benefits

Law360, New York (August 31, 2006, 12:00 AM EDT) -- Oil-field construction giant Halliburton Co. violated a merger agreement three years ago when it slashed the retiree medical benefits of a rival company it acquired, according to a ruling Wednesday from a federal appeals court.

The class action lawsuit stems from Halliburton’s 1998 acquisition of Dresser Industries Inc., a deal which created the world’s largest construction and oil-field services company with combined equity of $7.7 billion.

The ruling, from New Orleans’ U.S. Court of Appeals for the Fifth Circuit, said Halliburton broke the merger agreement by...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.