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