Al Rushaid successfully concludes litigation with Texas International Oilfield Tools. Cases against National Oilwell Varco (NOV) and Bank Pictet are ongoing.
Federal District Judge, Lyn Hughes, approved a settlement agreement between Al Rushaid and Texas International Oilfield Tools on February 15, 2012.
(1888PressRelease) March 01, 2012 - Al Rushaid successfully concludes litigation with Texas International Oilfield Tools. Federal District Judge, Lyn Hughes, approved a settlement agreement between Al Rushaid and Texas International Oilfield Tools on February 15, 2012. The underlying claims relate to alleged bribes paid by Texas International Oilfield Tools to James McDonald Wight, a former Al Rushaid executive. In exchange for receiving the bribes, Wight approved lucrative contracts for Texas International Oilfield Tools.
Under the settlement agreement Al Rushaid is to receive substantial compensation from Texas International Oilfield Tools. The details of the settlement agreement were not disclosed.
Al Rushaid has brought similar cases against National Oilwell Varco (NOV) in Houston and Bank Pictet in New York. These matters are ongoing.
Federal District Judge, Lyn Hughes, approved a settlement agreement between Al Rushaid and Texas International Oilfield Tools on February 15, 2012. 
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