Halliburton Settles Securities Fraud Lawsuit

By Imani Moise

Halliburton Co. said late Friday it settled a 14-year-old securities fraud class action lawsuit that had gone to the U.S. Supreme Court.

The Houston-based energy company will contribute $54 million to a $100 million settlement fund in its lawsuit with the Erica P. John Fund related to asbestos liabilities during construction activities. The company's insurer will contribute the balance.

Halliburton settled with no admission of guilt.

The legal fight was considered a test of the right of investors to file a class-action lawsuit based on public misrepresentations.

In 2014, the Supreme Court struck middle ground on the issue by allowing companies to present evidence at an early stage in litigation to try to demonstrate that misleading public statements didn't affect stock prices.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

December 23, 2016 20:16 ET (01:16 GMT)

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