SEC Drops Claim Against Ex-Halliburton CFO

Law360, New York (February 26, 2007, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has abandoned the remnants of its case against a former executive at oil conglomerate Halliburton Co. after failing to prove the defendant’s accounting practices were fraught with negligence.

In a motion filed Feb. 23 in the U.S. District Court for the Southern District of Texas, the SEC withdrew its claim that one-time chief financial officer Gary V. Morris had carelessly failed to disclose a key accounting change in Halliburton’s financial statements.

The SEC, which targeted Morris in August 2004, said...
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