U.S. justices agree to hear Halliburton securities class action

Reuters

WASHINGTON, Nov 15 (Reuters) - The U.S. Supreme Court onFriday agreed to revisit a securities class action case againstHalliburton that could have major implications for thefuture of such lawsuits.

Shareholders led by the Erica P. Johns Fund Inc claimedHalliburton understated its asbestos liabilities whileoverstating revenues in its engineering and constructionbusiness and the benefits of its merger with Dresser Industries.

The case gives the justices an opportunity to revisit a25-year-old precedent, Basic v. Levinson, that made it easierfor securities class action cases to go beyond the preliminarycertification stage. (Reporting by Lawrence Hurley; Editing by Howard Goller)

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