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$100M Halliburton Settlement Gets Preliminary Approval

This is a settlement for the Securities/Stock Fraud lawsuit.

Santa Clara, CA: A $100 million settlement has been preliminarily approved potentially ending a securities class action lawsuit that centered around Haliburton’s liability in its disclosure of asbestos use.

Litigation of this suit has taken a decade and included two trips to the US Supreme Court. If granted final approval, the $100 million settlement will effectively end one of the longest running securities fraud class actions in US courts, according to a copy of the settlement papers.

The suit was filed in 2002, by a Milwaukee charitable organization that held Halliburton stock under its Erica P. John Fund as well as other plaintiffs. The suit alleged Halliburton's disclosure of a $30 million verdict stemming from asbestos liabilities sent the company's stock price plummeting by 40 percent. The company’s stock prices were artificially inflated, the suit claimed, resulting from misstatements issued about its financial liability for asbestos claims.

Chief US District Judge Barbara M.G. Lynn scheduled a settlement fairness hearing to take place at the end of July. Additionally, a deadline of August 12 has been set for any class members who want to participate in the settlement to submit a claim form.

The case is Erica P. John Fund Inc. v. Halliburton Co., case number 3:02-cv-01152, in the U.S. District Court for the Northern District of Texas.

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Published on Apr-4-17


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