BREAKING NEWS

Halliburton shareholder class action to settle for $100 million

By REUTERS

DECEMBER 24, 2016 07:10

Halliburton Co on Friday said it had reached a $100 million settlement to resolve a long-running securities fraud class action lawsuit against the oilfield services provider that twice reached the US Supreme Court.

The deal resolves a lawsuit in federal court in Dallas accusing Halliburton of misrepresenting its potential liability in asbestos litigation, its expected revenue from certain construction contracts and the benefits of a merger in 1998.

Halliburton said the company itself would pay $54 million of the $100 million settlement, while its insurer would fund the rest. The deal, which would be subject to court approval, has no admission of liability, Halliburton said.

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