Plaintiff opposes settlement of Halliburton accounting fraud lawsuit
25 June 2004
WASHINGTON, June 25 (HalliburtonWatch.org) - A nonprofit charity today rejected a court-approved settlement of a civil lawsuit alleging that Halliburton illegally inflated revenues during the period when Vice President Dick Cheney was CEO. So far, three of the four lead plaintiffs in the class action lawsuit have agreed to the settlement, which was approved by a federal judge in Texas on June 7. Specifically, the settlement requires Halliburton to pay $6 million to its investors in order to settle allegations of artificially inflating revenue by more than $450 million from 1998 to 2002. The U.S. Securities and Exchange Commission has been investigating Halliburton over similar allegations, but has not concluded its investigation. The lead plaintiff opposed to the court settlement is AMS Fund, Inc., a nonprofit charity. It released a statement today saying it "opposes this proposed settlement as being inadequate and not in the best interests" of Halliburton's investors. The court approval of the settlement requires that all plaintiffs who wish to object to the proposed settlement, as well as all those who wish to opt-out, do so no later than August 18, 2004.