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Politics : Formerly About Advanced Micro Devices

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From: Alighieri	12/22/2004 9:11:33 PM
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Halliburton Told to Reinstate Insurance Wed Dec 22, 6:06 PM ET Business - AP HOUSTON - A judge ordered Halliburton Co. to reinstate health insurance for retirees of its former Dresser Inc. unit, ruling the company couldn't modify the health plans to eliminate the benefits. Halliburton said Wednesday it disagrees with the decision by District Court Judge Lynn Hughes in the Southern District of Texas and is considering all options, including appeal. The oil and gas services company said it will take a charge of up to $13 million in the fourth quarter for current and future retiree medical costs. More than a year ago, Halliburton sought to change its medical plans for all retired employees to achieve parity. In July, the company sued three retired executives who complained about the company's plan to stop providing health insurance for retirees. The lawsuit was filed after the retirees, including former Halliburton vice president of human resources Paul Bryant, sent a letter to company officials to complain about the change. Bryant, 58, retired from the oil services conglomerate in 1999. At the time, Halliburton spokeswoman Zelma Branch said the company sued so the dispute would be resolved quickly, allowing the retirees to arrange for their own medical coverage. The case hinged on whether the 1998 merger agreement between Halliburton and Dresser Industries required Halliburton to keep paying benefits to 4,000 salaried retirees. Bryant and the two other retired executives argued it did. When the company merged with Dresser in 1998, Dresser's employee retirement medical plans were more favorable than those of other Halliburton employees. The judge ruled that the merger between Halliburton and Dresser created a contract to continue the more favorable retirement plans for former Dresser employees.

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