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Supreme Court agrees to hear Halliburton class action challenge

  • The U.S. Supreme Court agrees to revisit a 1988 decision that made it much easier for shareholders to sue companies for alleged securities fraud.
  • Shareholders claimed Halliburton (HAL) understated its asbestos liabilities while overstating revenues in its engineering and construction business and the benefits of its merger with Dresser Industries.
  • The U.S. Chamber of Commerce and the National Association of Manufacturers both asked the court to hear the case.
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