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Friday, November 15, 2013

U.S. justices agree to hear Halliburton securities class action

U.S. justices agree to hear Halliburton securities class action
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WASHINGTON Fri Nov 15, 2013 1:32pm EST

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The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012.

Credit: Reuters/Richard Carson

WASHINGTON (Reuters) – The U.S. Supreme Court on Friday agreed to revisit a securities class action case against Halliburton (HAL.N) that could have major implications for the future of such lawsuits.

Shareholders led by the Erica P. Johns Fund Inc claimed Halliburton understated its asbestos liabilities while overstating revenues in its engineering and construction business and the benefits of its merger with Dresser Industries.

The case gives the justices an opportunity to revisit a 25-year-old precedent, Basic v. Levinson, that made it easier for securities class action cases to go beyond the preliminary certification stage.

(Reporting by Lawrence Hurley; Editing by Howard Goller)

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