Halliburton (HAL) announced an agreement to settle the Erica P. John Fund class action lawsuit that has been pending in the District Court for the Northern District of Texas for over 14 years. The company will fund approximately $54 million of the $100 million settlement fund, and its insurer will fund the balance. The company noted that the Lead Plaintiff's counsel is expected to seek an award of fees and costs from the settlement fund.
The class action lawsuit was originally filed in 2002 asserting claims in connection with accounting for long-term construction projects, and was amended in 2003 to include claims related to asbestos liability disclosures.
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