- Halliburton Displays a Pattern of Deceit in Recent Settlement
- April 26, 2017
- Law Firm: Waters Kraus LLP - Dallas Office
Recently, Halliburton reached a settlement to resolve a securities fraud class action lawsuit against the oilfield services provider. The lawsuit reached the Supreme Court twice and stems from misrepresentations made by the company. In short, Halliburton misrepresented its potential liability in asbestos litigation. It also misrepresented expected revenue from construction contracts and the benefits of a merger in 1998. These misrepresentations cost the company $54 million and cost its insurer another $46 million. Halliburton did not admit liability in the settlement, but the numbers speak for themselves.
Halliburton has been fighting this securities fraud case since 2002. It originated from a U.S. Securities and Exchange Commission probe of the company. Just another example of the unscrupulous nature of the company, this behavior is not surprising to the asbestos attorneys at Waters & Kraus. This is not the first time Halliburton has had to pay for their fraud, either. The company previously settled their 2002 SEC case for $7.5 million but the class action suit stemming from the probe continued.
Outside of their financial fraud, Halliburton’s devious behavior has also touched the lives of many of their employees. Countless victims of asbestos exposure have contracted mesothelioma as a result of this type of behavior and many of those victims worked for companies like Halliburton. Courts have recognized the unscrupulous nature of companies like Halliburton in the past through judgments which have ranged in the millions of dollars.
Safe to say, asbestos attorneys around the country are not surprised. This is a pattern for the company and we expect it to continue in the future. Their behavior is clearly not limited to financial fraud. Waters & Kraus has also represented several former Halliburton employees who have contracted mesothelioma as a result of the negligence of Halliburton and other similar companies. If you have contracted mesothelioma and worked for Halliburton or any other similar company, please do not hesitate to contact us.