Wednesday, May 21, 2003

Halliburton, Asbestos Texas corporate giant Halliburton, recently awarded a no-bid contract to do reconstruction work on postwar Iraq is also being watched carefully by investors because of the impending settlement and limits to asbestos litigation, a problem dogging its subsidiary, Dresser Industries. Sen. Orrin Hatch is prepared to introduce legislation in Congress calling for the creation of a universal asbestos trust fund of $108 billion dollars, to be financed by insurers and companies facing asbestos claims, that would be the sole source for future liability claims. The bill would move thousands of pending asbestos-related claims out of state courts and into a five-judge federal court. The AFL-CIO has denounced the proposal as a corporate bailout. [Business Week] 9:42:31 AM