The Getty Museum put its Texaco suit on hold.
The museum and Texaco said they agreed to “review” Texaco’s pledge to protect the museum from any lawsuits arising from Texaco’s purchase of Getty Oil. The museum said it will thus hold in abeyance its suit charging that Texaco is reneging on that pledge. Texaco’s purchase of Getty Oil is being challenged by another suitor, Pennzoil, which has won an $11.1-billion court award on grounds that Texaco interfered with a binding Pennzoil-Getty merger agreement. The Malibu museum, a major Getty Oil shareholder, insisted on indemnities against lawsuits in return for selling its shares to Texaco.