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Halliburton Settles 20 Class-Action Suits
NEW YORK (Reuters) - Halliburton Co. (NYSE:HAL - News) said on Friday it signed a memorandum of understanding to settle about 20 shareholder class-action lawsuits concerning claims for the purchase of the oilfield service company's stock over a four-year period.

Houston-based Halliburton said the lawsuits, consolidated before a federal court in Dallas, stemmed initially from the way the company accounted for revenue for unapproved claims and change orders on long-term fixed-price construction projects.

Three of the four lead plaintiffs have agreed to the settlement terms, while the fourth is still evaluating the deal, Halliburton said.

The agreement also covers a shareholder derivative suit that was pending in the same federal court. A second derivative lawsuit, filed in Harris County, Texas, has been dismissed.

Halliburton said in a statement that the settlement, for stock purchases made between May 18, 1998, and May 28, 2002, would not affect its second-quarter results.

Shares of Halliburton were up 5 cents at $23.20 in early New York Stock Exchange (News - Websites) trade.