NU Online News Service, June 7, 10:17 a.m. EDT
The Supreme Court has ruled that shareholders of a public company may bring class-action suits for securities fraud without first proving they lost money through the company’s actions.
In the suit, Erica P. John Fund v. Halliburton, plaintiffs alleged securities-fraud violations, including falsified earnings reports, playing down estimates of liability from damage caused by exposure to asbestos, and inflating the benefits of a merger during the 1999-2001 period, when former Vice President Dick Cheney served as chairman and CEO.
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