February 1st, 2005

It has been recently announced in Seattle that victims exposed to asbestos whilst working in shipyards, industrial plants, construction sites, and navy ships in the Pacific Northwest are to receive compensation from Halliburton. The sum of $30 million has been awarded to around 120 victims and families of exposed victims, and this is part of a $4.3 billion national settlement.

The national settlement has been put together to pay compensation to the families of those that have died from asbestos exposure, as well as those that are ill from the exposure, and those that are terminally ill because of it. The majority of the 120 families that have been awarded the $30 million live in the Pacific Northwest or Washington State.

The national settlement comprises a payment of $2.78 billion by the Houston oil service giant, Halliburton, and a further trust fund for future victims of asbestos or silica exposure, which consists of nearly sixty million shares of Halliburton stock. Halliburton is pleased to have the matter of asbestos and silica litigation fully and finally resolved," company spokeswoman Beverly Scippa stated. "The settlement will provide a permanent resolution to a difficult and complicated problem."

Halliburton, which was once run by Vice President Dick Cheney, acquired Dresser Industries in 1998, and along with it a flood of asbestos and silica claims from those exposed to these material and suffering adverse health effects due to the exposure.