The U.S. Supreme Court made it easier for some investors to press securities fraud suits, ruling for shareholders who accuse Halliburton Co. of misrepresenting its financial condition while under Dick Cheney's leadership.
The justices today unanimously said the shareholders can sue as a group without first establishing that they lost money as a result of the alleged fraud. The decision set aside a federal appeals court ruling.
The shareholders, led by the Erica P. John Fund, contend that Halliburton from 1999 to 2001 falsified earnings reports, played down estimated asbestos liability and overstated the benefits of a merger. Cheney, later the U.S. vice president, served as chairman and chief executive officer of the oilfield services provider during part of the disputed period.
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