Legal News

Supreme Court Set to Rule in Halliburton Class Action Case
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

The company logo of Halliburton oilfield services corporate offices is seen in Houston

The United States Supreme Court is expected to issue a ruling within the next two weeks in a case that could make it more difficult for shareholders to group together against public companies in class actions involving securities fraud, according to Reuters.

If the Supreme Court issues a ruling in favor of Halliburton, the oilfield company and other major industries will benefit. Those other industries include pharmacy, banking and gambling. Right now, there are pending lawsuits with class action status involving HSBC Holdings Plc, Merck & Co Inc, Pfizer Inc, Las Vegas Sands Corp and Regions Financial Corp.

  
What
Where


A decision in favor of Halliburton would set a higher bar for class action lawsuits, but it would not end them. It would permit the defendants to file briefs that demand shareholders acquire court approval for class action status under tougher standards. If the shareholders are unable to gain approval, the cases would end immediately.

Cornerstone Research has data from 2013, in which 67 cases ended in settlements totaling $4.8 billion. The Halliburton case is Halliburton v. Erica P. John Fund.

Each year there are some 200 shareholder class action lawsuits filed that allege misleading statements and material omissions committed by companies and executives that caused a drop in stock share prices. The Stanford Law School Securities Class Action Clearinghouse has data that shows there are 400 shareholder securities class actions pending in different stages of litigation.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




One of the companies that could benefit from the ruling by the Supreme Court in the coming weeks is that of HSBC. The bank is appealing a judgment against one of its units for $2.46 billion. The unit is formerly known as Household International Inc. The judgment was made last year by a federal judge in Chicago. It was the largest judgment in history for a securities fraud class action trial.

In regards to the Pfizer case, the company agreed to delay their trial until after the ruling is issued in the Halliburton case.



Looking for jobs in these industries? Follow these links for Oil industry jobs, Pharma industry jobs and Banking sector jobs on Granted.com



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Real Estate Transactional Attorney with 4-12 years of leasing experience

USA-CA-Orange

Irvine office of our client seeks real estate transactional attorney with 4-12 years of experience. ...

Apply Now

Complex Litigation Attorney with 3-5 years of arbitration experience

USA-FL-Miami

Miami office of our client seeks complex litigation attorney with 3-5 years of law firm experience i...

Apply Now

Senior Business & Commercial Litigation Attorney

USA-CA-Irvine

Irvine office is seeking a business and commercial litigation attorney with 5+ years of experience. ...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

Trademark & Business Law Associate | Burlington, Vermont

USA-VT-Burlington

Downs Rachlin Martin PLLC (DRM) is seeking an Associate attorney with 1-3 years of trademark and tra...

Apply now

Patent Assistant (Patent Prosecution)

USA-DC-Washington

We have an immediate opening for a Patent Assistant to join our team!  The Patent Assistant pro...

Apply now

Paralegal / Legal Secretary

USA-CA-Solana Beach

Job Description and Qualifications : Paralegal / Legal Secretary - Duties will include preparat...

Apply now

Legal Secretary / Paralegal

USA-NY-Pearl River

Busy fast paced Rockland County Matrimonial firm seeking full time experienced family law paralegal ...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top