Further, the plaintiffs, who were Halliburton shareholders, claim that between 1999 and 2001 the company falsified earnings reports, played down estimated asbestos liability and overstated the benefits of a merger. They further claimed Halliburton stock dropped 42 percent on the day those statements were shown to be false.
The settlement will end a 14-year-old securities lawsuit against the Houston-based company. According to a statement, Halliburton will pay about $54 million of the settlement and its insurer will cover the balance.
The case is Erica P. John Fund Inc. v. Halliburton Co., 02-cv-01152, U.S. District Court, Northern District of Texas (Dallas).