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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (1709)	7/9/2002 11:46:38 PM
From: T L Comiskey	Read Replies (2) \| Respond to of 89467

Watch Group to File Suit Vs. Cheney By TIM REYNOLDS 07/09/2002 21:29:04 EST MIAMI (AP) - Judicial Watch said Tuesday it will file a shareholders lawsuit against Vice President Dick Cheney and his former employer, Halliburton Co., claiming they engaged in accounting fraud. Cheney was chairman and chief executive of the oil field-services giant from 1995 to 2000. Halliburton announced on May 28 that it received notice from the Securities and Exchange Commission that the commission was looking into Halliburton's accounting methods - adopted in 1998 - for reporting cost overruns on construction jobs. The SEC has not filed any charges against Halliburton. Before 1998, the company had been more conservative, reporting such revenue only after settling with customers. Judicial Watch, a Washington-based watchdog group, said those accounting practices resulted in the overvaluation of Halliburton's shares, deceiving investors. "We're seeking actual and punitive damages for allegations of securities fraud, for changing accounting practices and not advising the public of these changes," Judicial Watch chairman and general counsel Larry Klayman said Tuesday night in Miami. Klayman said his group is suing the companies on behalf of two Halliburton shareholders. Messages seeking comment from Cheney and the White House were not immediately returned late Tuesday. "We don't believe that there's any merit to this case," Halliburton spokeswoman Zelma Branch said Tuesday evening. A Also named in the suit, which is expected to be filed Wednesday in federal court in Dallas by Judicial Watch, are 10 of Halliburton's board members. Klayman said auditor Arthur Andersen LLP will also be named in the lawsuit. A message seeking comment from Arthur Andersen LLP was not immediately returned late Tuesday. Under Texas law, the lawsuit can only specify that it seeks damages greater than $200,000. Judicial Watch is seeking far more. "We're looking for millions of dollars in damages. We're looking to hold Vice President Cheney and others accountable," Klayman said. "We have no faith in the Bush administration and we have no faith in the Securities and Exchange Commission's investigation." Judicial Watch has sued for access to records of the Cheney-led energy task force that drafted the Bush administration's energy policy. Shares of Halliburton were down 21 cents to close at $14.12 in trading Tuesday on the New York Stock Exchange.