Halliburton Finally Beats Pension Case by Dresser-Rand Workers

Halliburton Inc. doesn’t owe early retirement benefits to employees of a subsidiary later sold to Ingersoll-Rand Co., the Second Circuit ruled, ending a more than decade-long court fight.

Halliburton’s conclusion that the employees no longer earned pension credit after the sale rested on a reasonable interpretation of the relevant retirement plan, the court said in an unpublished Jan. 24 ruling.

The court affirmed Halliburton’s decision despite finding the employees had the “more reasonable” interpretation of the plan.

That’s because the plan gave Halliburton’s retirement committee the “sole duty and power” to interpret the plan’s terms, the court said. ...