One of the most convoluted securities class actions ever may finally have come to an end (barring a successful appeal). The court has declined to certify the class in the case pending against Halliburton in the N.D. of Texas since 2002. According to a Law360 article (subscrip. req’d), the basis for the court’s decision was the failure of the plaintiffs to establish loss causation.
Over the years, the Halliburton case has seen four amended complaints, two changes in lead counsel, the recusal of the original judge, and the judicial rejection of a proposed settlement. That’s a long way to go to get to a denial of class certification.