In 1919, Erle Halliburton ventured into the oil industry and started the Halliburton Company. His company had four branches in several states, including Texas and Oklahoma, by 1932.
The Halliburton Company did not manufacture, sell, or distribute asbestos products until its acquisition of another company, Brown & Root, in 1962.
A little more than thirty (30) years later, Halliburton acquired another company involved in the asbestos world, Dresser Industries, Inc., in a $7.7 billion deal orchestrated by former U.S. Vice President Dick Cheney.
These two companies are now known as Kellogg, Brown & Root and DII Industries. Brown & Root used asbestos products in its construction business and Dresser Industries manufactured asbestos containing pipe covering and other insulation materials.
Dresser had a subsidiary, Harbison-Walker, which was a producer of asbestos products for over 70 years.
Due to these acquisitions, Halliburton was responsible for asbestos containing pumps, compressors, turbines, insulation, and other materials used in the oil and construction industries.
Asbestos injury claims against the company began in the 1970s. From the 1970s through the 2000s, Halliburton faced nearly 500,000 claims. Reportedly, 300,000 of those claims were inherited with the merger of Halliburton and Dresser in 1998.
DII Industries, on behalf of Halliburton and numerous other subsidiaries, filed for Chapter 11 bankruptcy on December 6, 2003.
On January 20, 2005, the DII Industries, LLC Asbestos Personal Injury Trust under its Chapter 11 Joint Plan of Reorganization was finalized and funded with $2.5 billion.
The current payment percentage for claims is 60%, meaning that if you qualify for compensation, you would receive 60% of the trust’s predetermined value allotted for your specific injury.
In 2021, 3,905 Halliburton claims were settled with the DII Industries Trust, according to its annual financial report.
The report also details that $53,516,499 was paid out in claims in 2021, adding to the total of $1,474,903,848 that the Trust has paid since it was established.
We’ve helped thousands of people receive the compensation they deserve for their asbestos injuries. Let us help you. You can contact asbestos attorney Justinian C. Lane at Asbestos Claims Law via his website at http://www.AsbestosClaims.law.
Email directly at help@asbestosclaims.law.
Or call anytime at (833) 4-ASBESTOS (427-2378).
