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Shares of Halliburton Co. Plunge More Than 40 Percent on Asbestos Verdict
By David Koenig
DALLAS (AP) -- Shares of Halliburton Co. plunged more than 40 percent Friday after the oilfield-services company revealed that a jury ruled against it in an asbestos-related lawsuit.
A six-member state court jury in Baltimore found a former subsidiary of Halliburton's Dresser Industries unit and other companies responsible for the asbestos exposure of five people and awarded them $40 million.
Halliburton said its portion of the verdict against Dresser, which Halliburton acquired in 1998, totaled $30 million.