Judge OKs Settlement; Halliburton Shares Up

Halliburton Co. said a U.S. District Court had approved a $4.2-billion asbestos settlement, marking another step toward the emergence of two of the energy services company’s units from bankruptcy protection.

U.S. District Judge Terrence McVerry in Pittsburgh issued the order this week, the Houston-based company said.

The reorganization plan was filed by DII Industries and KBR. The settlement is subject to appeals by insurance companies, although lawyers for several litigants signed on to the settlement last year.

Shares of Halliburton rose 78 cents to $30.89 on the news on the NYSE.