Halliburton's Troubles Continue

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Halliburton's Troubles Continue

DALLAS -- A participant in Halliburton Co.'s retirement plan sued the oil field-services company Wednesday claiming instances of improper accounting.

The lawsuit, filed in federal district court in Dallas, charged that the company altered its accounting policies in late 1998 to report hundreds of millions of dollars worth of revenues from disputed cost overruns on long-term construction projects.

Lawyers filing the lawsuit said the company should not have counted on getting the revenue. The lawsuit seeks damages equal to any losses the retirement plan might have suffered because of the slump in Halliburton shares, which have lost about three-fourths of their value in less than two years.

Halliburton and Vice President Dick Cheney, who led the company from 1995 until August 2000, were sued on similar grounds last week by Judicial Watch, a group which first drew attention by suing President Clinton.

Halliburton has denied wrongdoing.