Monday, June 02, 2003

V.P. Cheney's Company Settles Deceptive Accounting Claims

Halliburton Co. said Friday it has agreed to pay $6 million to settle 20 shareholder lawsuits that accused it of using deceptive accounting practices while Vice President Dick Cheney led the company...

The investors alleged that Halliburton overstated revenue from 1999 through 2001 by $445 million, which pumped up the company's share price and cost investors millions when the stock declined last year.

Halliburton said it would not admit wrongdoing. The proposed settlement requires the release of all present and former Halliburton officers and directors named in the lawsuits, the company said...


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