HOUSTON--(BUSINESS WIRE)--Dec. 23, 2016--
Halliburton (NYSE: HAL) today announced that it has reached an agreement
in principle to settle, without any admission of liability, the Erica P.
John Fund class action lawsuit that has been pending in the United
States District Court for the Northern District of Texas for over 14
years. Halliburton will fund approximately $54 million of the $100
million settlement fund, and its insurer will fund the balance. The Lead
Plaintiff’s counsel is expected to seek an award of fees and costs from
the settlement fund.
The class action lawsuit was originally filed in 2002 asserting claims
in connection with accounting for long-term construction projects, and
was amended in 2003 to include claims related to asbestos liability
disclosures.
Class certification was subject to multiple rulings of the District
Court and the Fifth Circuit Court of Appeals, as well as two rulings
from the Supreme Court of the United States. In July 2015, the District
Court certified a class with respect to only one of the six corrective
disclosures claimed by the Lead Plaintiff. Halliburton appealed this
ruling to the Fifth Circuit. In October 2016, pending that appeal, the
District Court continued indefinitely the trial date.
The settlement remains subject to final documentation and the approval
of the District Court following notice to class members.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With approximately 50,000
employees representing 140 nationalities, and operations in
approximately 70 countries, the company serves the upstream oil and gas
industry throughout the lifecycle of the reservoir – from locating
hydrocarbons and managing geological data, to drilling and formation
evaluation, well construction, completion and production optimization.
Visit the company’s website at www.halliburton.com.
Connect with Halliburton on Facebook, Twitter, LinkedIn, and
YouTube.
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Source: Halliburton
Halliburton
For Investors:
Lance Loeffler,
281-871-2688
Halliburton, Investor Relations
Investors@Halliburton.com
or
For
Media:
Emily Mir, 281-871-2601
Halliburton, Public
Relations
PR@Halliburton.com
