Halliburton Asks SCOTUS To Review Class Precedent

Law360, Los Angeles (September 13, 2013, 7:37 PM EDT) -- Following the Fifth Circuit's refusal to throw out investors' claims against Halliburton Co. over losses allegedly suffered due to the company's misrepresentations of liability in asbestos litigation, the energy giant asked the U.S. Supreme Court Monday to overturn controlling precedent regarding requirements for investors to prove reliance on material misstatements.

In a petition for certiorari made public Friday, Halliburton asked the high court to review its landmark 1988 ruling in Basic Inc. v. Levinson — which established the fraud-on-the-market theory of reliance — saying the Basic...
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