Judge Dismisses Lawsuit Against Cheney, Halliburton

A federal judge in Texas has dismissed a lawsuit that accused Halliburton Co. and Vice President Dick Cheney, its former chief executive, of misleading investors. The lawsuit was filed last year by Judicial Watch, a conservative public interest group, which accused Halliburton of trying to polish its financial results by booking revenue on cost overruns before it was certain of getting paid.

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A federal judge in Texas dismissed a lawsuit that accused Halliburton Co. and Vice President Dick Cheney, its former chief executive, of misleading investors by changing the way the company counted revenue from construction projects. The lawsuit was filed last year by Judicial Watch, a conservative public interest group, on behalf of three investors. U.S. District Judge Sam A. Lindsay wrote in his order Friday that Judicial Watch didn’t prove Halliburton had misled investors about its revenue. The group had accused Halliburton of trying to polish its financial results by booking revenue on cost overruns before it was certain of getting paid. Judicial Watch is considering whether to appeal or to file an updated lawsuit with new information, said the group’s president, Tom Fitton. Halliburton disclosed the judge’s ruling Monday. Cheney’s office had no immediate comment. Cheney was top executive of the oil field-services and construction company from 1995 to 2000. The Securities and Exchange Commission is still investigating Houston-based Halliburton’s 1998 decision to change the way it accounted for revenue on cost-overrun projects. In May, Halliburton agreed to pay $6 million to settle about 20 other shareholder class-action lawsuits that raised similar arguments. Copyright 2003 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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