For those readers following the Halliburton securities class action, two quick updates:
1) As noted previously on The 10b-5 Daily, counsel for one of the lead plantiffs, Scott + Scott, has refused to sign onto the proposed $6 million settlement and is attempting to have Schiffrin & Barroway removed as lead counsel. One of the issues raised by Scott + Scott is why Vice President Dick Cheney, the former CEO of Halliburton, was not named as a defendant. According to a post on Classobjector, the court has rejected Scott + Scott’s motion to show cause (i.e., the removal of Schiffrin), but did so without prejudice, leaving open the possibility of further motions on this issue.
2) The Associated Press reports that a separate securities fraud suit against Halliburton and Vice President Cheney, filed by three small investors in federal court, has been dismissed. The allegations in that case were reportedly similar to those in the class action. It will be interesting to see what, if any, effect this dismissal will have on the controversy surrounding the class action settlement.
The 10b-5 Daily 