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FLR > SEC Filings for FLR > Form 8-K on 19-Jun-2014All Recent SEC Filings

Show all filings for FLUOR CORP

Form 8-K for FLUOR CORP


Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure.

On June 17, 2014, the Missouri Court of Appeals issued an opinion in connection with a lawsuit filed by 16 plaintiffs against Fluor Corporation (the "Company") and certain former subsidiaries relating to alleged injuries resulting from the lead business of St. Joe Minerals Corporation ("St. Joe") and The Doe Run Company ("Doe Run"), which are discontinued operations of the Company. As reported in prior periods, the Company was named as a defendant in this lawsuit as a result of its ownership or other interests in St. Joe and Doe Run in the period between 1981 and 1994. In 1994, the Company sold its interests in St. Joe and Doe Run, along with all liabilities associated with the lead business, pursuant to a sale agreement in which the buyer agreed to indemnify the Company for those liabilities.

In July 2011, a jury in the City of St. Louis Circuit Court awarded the plaintiffs $38.5 million in compensatory and economic damages and $320 million in punitive damages. In December 2011, the Company appealed the judgments of the trial court.

In the opinion rendered by the appellate court on June 17, 2014, the court reversed and remanded back to the trial court $240 million in punitive damages against the Company. In addition, the appellate court upheld the judgment for $38.5 million in compensatory and economic damages and $80 million in punitive damages against the Company and its former subsidiaries to whom the Company has provided certain indemnities relating to the St. Joe and Doe Run businesses.

Having just received the court's opinion, the Company will not make any further statements about the ruling or its consequences to the Company's financial statements or disclosures at this time. However, any such effect would only be applied to discontinued operations and would not affect income from the Company's continuing operations. The Company is evaluating its next steps through the appeals process and will also continue to seek to enforce its rights to the indemnification from the buyer as described above.

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