Halliburton Co. agreed to settle a 14-year-old securities lawsuit for $100 million, resolving claims over its accounting for long-term construction projects and its disclosures related to asbestos liability.

The Houston-based company said in a statement Friday that it will pay about $54 million of the settlement and its insurer will cover the balance.

David Boies, a lawyer for the plaintiffs, said he’s pleased to resolve the case, which made two trips to the U.S. Supreme Court.

“The lead plaintiff, the Erica P. John Fund Inc., is to be commended for staying the course for more than 14 years in order to vindicate its right and the right of all other Halliburton shareholders,” he said in a statement.

Source: www.worldoil.com