Halliburton said Thursday that it has reached an agreement to settle a class action lawsuit that has been pending for over a decade.
The Houston-based company has reached an agreement in principle to settle a class action lawsuit filed by the Erica P. John Fund.
Halliburton said it will settle the case without any administration of liability.
The lawsuit has been pending in the United States District Court for the Northern District of Texas for over 14 years and was the subject of two U.S. Supreme Court rulings.
Halliburton will fund about $54 million of the $100 million settlement fund.
The company said that its insurer will fund the balance.
The lead plaintiff’s counsel is expected to seek an award of fees and costs from the settlement fund, Halliburton said.
The class action lawsuit was originally filed in 2002 and asserted claims tied to accounting for long-term construction projects.
The suit was amended in 2003 to include claims related to asbestos liability disclosures.
According to Bloomberg, the shareholders claimed that Halliburton falsified earnings reports from 1999 to 2001.
The shareholders also claimed that Halliburton had misrepresented potential asbestos liabilities and overstated the benefits of the company’s merger with Dresser Industries, Reuters said.
Halliburton said the settlement remains subject to final documentation and the approval of the District Court following notice to class members.