Halliburton Settles Securities Fraud Lawsuit
December 23 2016 - 7:31PM
Dow Jones News
By Imani Moise
Halliburton Co. said late Friday it settled a 14-year-old
securities fraud class action lawsuit that had gone to the U.S.
Supreme Court.
The Houston-based energy company will contribute $54 million to
a $100 million settlement fund in its lawsuit with the Erica P.
John Fund related to asbestos liabilities during construction
activities. The company's insurer will contribute the balance.
Halliburton settled with no admission of guilt.
The legal fight was considered a test of the right of investors
to file a class-action lawsuit based on public
misrepresentations.
In 2014, the Supreme Court struck middle ground on the issue by
allowing companies to present evidence at an early stage in
litigation to try to demonstrate that misleading public statements
didn't affect stock prices.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
December 23, 2016 20:16 ET (01:16 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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