Halliburton Company (NYSE: HAL), a Houston-based energy services company formerly run by Vice President Cheney, announced this morning that it has reached a memorandum of understanding to settle the pending securities class action and derivative suits against the company. The cases are based on Halliburton's accounting for revenues associated with unapproved claims and change orders on construction projects. Halliburton did not disclose the financial terms of the settlement, but said the amount was insignificant. CBS Marketwatch has an article.
Addition: Reuters is now reporting that the settlement is for $6 million.Posted by Lyle Roberts at May 30, 2003 11:34 AM | TrackBack