Halliburton to settle class action suit for $54 million

Petroleum service giant Halliburton said it has reached a $54 million settlement in a class action lawsuit related to asbestos liability disclosures.

The Houston-based company said in a statement that without admitting guilt, it reached an agreement to settle the Erica P. John Fund class action lawsuit that has been pending in Texas courts for over 14 years.

The class action lawsuit was originally filed in 2002 asserting claims in connection with accounting for long-term construction projects, and was amended in 2003 to include claims related to asbestos liability disclosures.

The case was brought by a group of investors who claimed they lost money when Halliburton's shares plunged, accusing the company of erroneous earnings reports.

"Halliburton will fund approximately $54 million of the $100 million settlement fund, and its insurer will fund the balance," the company said in a statement late Friday.

One of the world's largest providers of products and services to the energy industry, Halliburton was led from 1995 to 2000 by Dick Cheney, who became US vice president in 2001 in the George W. Bush administration.