In Halliburton case, Supreme Court may sanction corporations lying to investors

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Wednesday, January 26, 2011 14:37 EST
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The Supreme Court’s decision in the upcoming case Erica P. John Fund Inc v. Halliburton could prevent companies that deceive their investors from being held accountable, according to Jeff McCord of The Investor Advocate.

In early January, the Supreme Court agreed to review a US appeals court ruling that denied a group of investors could sue energy giant Halliburton in a broad class action. The lawsuit was filed in federal court in 2007 by Halliburton shareholders who bought stock between June 1999 and December 2001.

The investors claimed that Halliburton and Chief Executive Officer David Lesar falsely inflated the company’s stock prices by overstating revenues in its construction business, along with inflating the benefits of its merger with Dresser Industries. Eventually the company disclosed that it had overstated its revenues and its stock prices consequentially fell, causing a loss to the stockholders.

The US Court of Appeals for the Fifth Circuit ruled that the shareholders could not band together as a class action unless they proved the various misrepresentations caused the stock price to fall. The court’s decision was appealed by the shareholders.

“These shareholders, who have already lost money due to demonstrable misrepresentations of Halliburton’s financial condition by management, which in-and of-itself is illegal, are being told they must spend more money to hire high priced consulting economists and/or forensic accountants before they are able to take advantage of rules that provide for payment of such costs by the entire class of investors, should they their case succeed,” McCord explained.

The Supreme Court is expected to hear arguments in April and make a decision in June. The court will only rule on whether the investors can be granted a class action status and will not address the merits of the fraud allegations.

“If allowed to stand, the Fifth Circuit’s ‘Catch-22′ barrier to investors’ pursuit of valid fraud claims, the federal civil justice system doors will be locked for the tens of thousands of defrauded investor who cannot on their own afford to hire high-priced experts to essentially prove their case before they even enter court,” McCord warned.

Ira Schochet, president of the National Association of Shareholder and Consumer Attorneys, told The Investor Advocate that the Supreme Court could prevent companies from being held responsible for fraud if it upholds the Fifth Circuit’s ruling. Without being able to band together as a class action, investors would not be able to acquire the funds needed to hire the experts to prove their claims.

“If the Supreme Court and Congress will not permit investors to band together in classes in order to bring white collar criminals to court and hold them accountable, the vast majority of fraud perpetrators will never be punished,” McCord said.

A study published in December found the Supreme Court, under Chief Justice John Roberts, had undergone a fundamental shift in its outlook, ruling in favor of businesses much more often than previous courts.

In the study, commissioned by the New York Times, researchers found the Roberts court has sided with business interests in 61 percent of relevant cases, compared to 46 percent in the last five years of Chief Justice William Rehnquist, who passed away in 2005.

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  • Anonymous

    Corporations are people too, we wouldn’t want to hurt their feelings.

  • ofb2632

    If the SCOUS finds for Halliburton, there really needs to be impeachment procedures on several of the Supreme court Justices. This court has bent over backwards in giving Corporations what ever they want and this has to stop. There comes a time when the law must evolve. The time for these lifetime nominations are at an end.
    When the Justices are more interested in lining their pockets and the pockets of their immediate family, it becomes more and more apparent that they are corrupt. I say throw them out of office and into jail. Treat them like the criminals they are.

  • Anonymous

    The headline of this article simply does not match its facts. The Supreme Court is not considering “sanctioning” lying; rather, the case, a rather technical one, involves the question of what is necessary to maintain a class action by shareholders. And as I understand the decision, in order to maintain an action for damages, the Court is considering holding that the shareholders have to allege…. damages caused by false statements.

  • http://twitter.com/VaginaHedgeFund Lloyd Blankfein

    I have no doubt the SC will side with Halliburton.

  • Johnny Warbucks

    “May” being the operative word. Besides, what are they gonna do? Slap him with a fine of say 100 bucks? When I see it, I’ll believe it. Till then, I ain’t holding my breath.

  • Johnny Warbucks

    In other words, they’re actually making it more difficult for the plaintiffs, the affected ones, to recuperate damages/losses. Now, that’s more consistent with our corporacracy

  • http://topsy.com/www.rawstory.com/rs/2011/01/supreme-court-decision-halliburton-lawsuit-hinder-fraud-cases/?utm_source=pingback&utm_campaign=L2 Tweets that mention In Halliburton case, Supreme Court may sanction corporations lying to investors | Raw Story — Topsy.com

    [...] This post was mentioned on Twitter by Rob, The Raw Story, Bonnie Sonder, skooks, creepus gigantus and others. creepus gigantus said: RT @RawStory: In #Halliburton case, #SCOTUS may sanction corporations lying to #investors http://su.pr/1RsQIK [...]

  • http://www.tommyjonestheband.com RantingTommy

    so, they are not “sanctioning” lying, just making it much easier to get away with and harder to sue for

    just like I’m not stepping on your face, I’m just giving you a really close look at my boot

  • http://www.tommyjonestheband.com RantingTommy

    so, they are not “sanctioning” lying, just making it much easier to get away with and harder to sue for

    just like I’m not stepping on your face, I’m just giving you a really close look at my boot

  • http://www.tommyjonestheband.com RantingTommy

    so, they are not “sanctioning” lying, just making it much easier to get away with and harder to sue for

    just like I’m not stepping on your face, I’m just giving you a really close look at my boot

  • http://www.tommyjonestheband.com RantingTommy

    it’s a right wing activist court, of course it will

  • http://www.tommyjonestheband.com RantingTommy

    it’s a right wing activist court, of course it will

  • http://www.tommyjonestheband.com RantingTommy

    it’s a right wing activist court, of course it will

  • http://caveat.pcriot.com/ George

    So you have to spend money to prove your case before you can bring it to court. Sounds like you can just do away with court then. I can’t imagine the Supreme Court ruling against their own legitimacy and relevance. But I’ve seen stupider rulings come from there! I think it’s way past time to have some form of repercussions to be placed on the Supreme Court. Some form of term limits and an Impeachment process for starters.

  • http://caveat.pcriot.com/ George

    So you have to spend money to prove your case before you can bring it to court. Sounds like you can just do away with court then. I can’t imagine the Supreme Court ruling against their own legitimacy and relevance. But I’ve seen stupider rulings come from there! I think it’s way past time to have some form of repercussions to be placed on the Supreme Court. Some form of term limits and an Impeachment process for starters.

  • http://caveat.pcriot.com/ George

    So you have to spend money to prove your case before you can bring it to court. Sounds like you can just do away with court then. I can’t imagine the Supreme Court ruling against their own legitimacy and relevance. But I’ve seen stupider rulings come from there! I think it’s way past time to have some form of repercussions to be placed on the Supreme Court. Some form of term limits and an Impeachment process for starters.

  • My3Cats

    I’m betting it will be another 5-4 split in favor of Halliburton.

  • My3Cats

    I’m betting it will be another 5-4 split in favor of Halliburton.

  • My3Cats

    I’m betting it will be another 5-4 split in favor of Halliburton.

  • Crispus Attucks

    The writing is on the wall and it reads Amerika… SOLD!

  • Crispus Attucks

    The writing is on the wall and it reads Amerika… SOLD!

  • Crispus Attucks

    The writing is on the wall and it reads Amerika… SOLD!

  • Anonymous

    we know who these corrupt fucks on the supremely corrupt supreme court work for!
    WHY WONT PALIN PUT THE CROSSHAIRS ON THESE COCKSUCKERS?

  • Anonymous

    we know who these corrupt fucks on the supremely corrupt supreme court work for!
    WHY WONT PALIN PUT THE CROSSHAIRS ON THESE COCKSUCKERS?

  • Anonymous

    we know who these corrupt fucks on the supremely corrupt supreme court work for!
    WHY WONT PALIN PUT THE CROSSHAIRS ON THESE COCKSUCKERS?

  • Anonymous

    Ok, so first we have the Florida Appeals court saying it’s ok for Fox News to outright LIE and call it news… Now it looks like we will have the corporate tools on SCOTUS ruling that it’s ok for companies like Halliburton (who are now corporate “Persons” and have “free speech”, thanks to Citizens United vs. FEC) to lie about the financial health of the company to investors… And call it Free Speech?? I think that this is Darth Cheney’s wildest wet dream come true…

  • Anonymous

    Ok, so first we have the Florida Appeals court saying it’s ok for Fox News to outright LIE and call it news… Now it looks like we will have the corporate tools on SCOTUS ruling that it’s ok for companies like Halliburton (who are now corporate “Persons” and have “free speech”, thanks to Citizens United vs. FEC) to lie about the financial health of the company to investors… And call it Free Speech?? I think that this is Darth Cheney’s wildest wet dream come true…

  • Anonymous

    Ok, so first we have the Florida Appeals court saying it’s ok for Fox News to outright LIE and call it news… Now it looks like we will have the corporate tools on SCOTUS ruling that it’s ok for companies like Halliburton (who are now corporate “Persons” and have “free speech”, thanks to Citizens United vs. FEC) to lie about the financial health of the company to investors… And call it Free Speech?? I think that this is Darth Cheney’s wildest wet dream come true…

  • http://profiles.yahoo.com/u/3NVQSZZC5IM66JEOCSFJUV7FCE Jacques G

    La Cosa Nostra Suprema of the US continues down the slippery slope toward a Fascist state. Where’s Dom Scalia when we need him? “I’ve got an offer you can’t refuse.”

  • http://profiles.yahoo.com/u/3NVQSZZC5IM66JEOCSFJUV7FCE Jacques G

    La Cosa Nostra Suprema of the US continues down the slippery slope toward a Fascist state. Where’s Dom Scalia when we need him? “I’ve got an offer you can’t refuse.”

  • Anonymous

    hmm, wonder what the odds are scalia will recuse himself on this one seeing that his duck hunting buddy is none other than shoot you in the face dick-less, former head of halliburton, quack, quack. And, sorry, but other than the point of future precedent being set here, I find it almost impossible to feel much concern for anyone who would invest in a company that profits from war, destroying the environment, and in general has anything to do with the cheney and bush families. Ha, am willing to bet that even if these investors lose this battle, they’ll go right back to voting for repugs come election time.One of the weaknesses of our age is our apparent inability to distinguish our need from our greed. – Author Unknown

  • Anonymous

    hmm, wonder what the odds are scalia will recuse himself on this one seeing that his duck hunting buddy is none other than shoot you in the face dick-less, former head of halliburton, quack, quack. And, sorry, but other than the point of future precedent being set here, I find it almost impossible to feel much concern for anyone who would invest in a company that profits from war, destroying the environment, and in general has anything to do with the cheney and bush families. Ha, am willing to bet that even if these investors lose this battle, they’ll go right back to voting for repugs come election time.One of the weaknesses of our age is our apparent inability to distinguish our need from our greed. – Author Unknown

  • http://pulse.yahoo.com/_V5XKDORJ6HIVIZ6V5OTK76KTEY Immortal

    So the top 1%s are now eating the top 2%s. Nothing much is left from the 98%s that’s worth getting. And the 2%s are beginning to understand that they’re not part of “the system” either, huh? Ain’t sunshine just grand?

  • http://pulse.yahoo.com/_V5XKDORJ6HIVIZ6V5OTK76KTEY Immortal

    So the top 1%s are now eating the top 2%s. Nothing much is left from the 98%s that’s worth getting. And the 2%s are beginning to understand that they’re not part of “the system” either, huh? Ain’t sunshine just grand?

  • http://pulse.yahoo.com/_V5XKDORJ6HIVIZ6V5OTK76KTEY Immortal

    So the top 1%s are now eating the top 2%s. Nothing much is left from the 98%s that’s worth getting. And the 2%s are beginning to understand that they’re not part of “the system” either, huh? Ain’t sunshine just grand?

  • hounddogg

    The corporate “person”:
    immortal
    able to divide itself into more “persons”
    able to change its identity at will
    immune to laws
    has no morals
    has no ssn
    owns the Supreme Court

    i guess there are “gods”

    Vermont has the right idea…
    http://www.alternet.org/news/149620/vermont_is_gearing_up_to_strike_a_major_blow_to_corporate_personhood,_ban_it_statewide/

  • hounddogg

    The corporate “person”:
    immortal
    able to divide itself into more “persons”
    able to change its identity at will
    immune to laws
    has no morals
    has no ssn
    owns the Supreme Court

    i guess there are “gods”

    Vermont has the right idea…
    http://www.alternet.org/news/149620/vermont_is_gearing_up_to_strike_a_major_blow_to_corporate_personhood,_ban_it_statewide/

  • hounddogg

    The corporate “person”:
    immortal
    able to divide itself into more “persons”
    able to change its identity at will
    immune to laws
    has no morals
    has no ssn
    owns the Supreme Court

    i guess there are “gods”

    Vermont has the right idea…
    http://www.alternet.org/news/149620/vermont_is_gearing_up_to_strike_a_major_blow_to_corporate_personhood,_ban_it_statewide/

  • http://twitter.com/cburrell3 C.A. Burrell

    There’s more of that Transparency that allows the Free Market to work so wonderfully, I see!

  • http://twitter.com/cburrell3 C.A. Burrell

    There’s more of that Transparency that allows the Free Market to work so wonderfully, I see!

  • http://twitter.com/cburrell3 C.A. Burrell

    There’s more of that Transparency that allows the Free Market to work so wonderfully, I see!

  • Anonymous

    And next week — they’ll be decriminalising insider trading.

  • Anonymous

    And next week — they’ll be decriminalising insider trading.

  • Anonymous

    And next week — they’ll be decriminalising insider trading.

  • http://profiles.yahoo.com/u/3ETFGMQ3B7VD4AAMILBBEVMCWE JasonA

    The executives and board of Halliburton should be hung as an example to other corporations.

  • http://profiles.yahoo.com/u/3ETFGMQ3B7VD4AAMILBBEVMCWE JasonA

    The executives and board of Halliburton should be hung as an example to other corporations.

  • http://profiles.yahoo.com/u/3ETFGMQ3B7VD4AAMILBBEVMCWE JasonA

    The executives and board of Halliburton should be hung as an example to other corporations.

  • http://profiles.yahoo.com/u/5OQFBZ26C3VQ5ONGZGDBDY4BUU Mark A

    Great comment. I bet there are dozens of examples of U.S. courts allowing corporations to trample over human rights. Does any web site collect these examples?

  • http://profiles.yahoo.com/u/5OQFBZ26C3VQ5ONGZGDBDY4BUU Mark A

    Great comment. I bet there are dozens of examples of U.S. courts allowing corporations to trample over human rights. Does any web site collect these examples?

  • http://profiles.yahoo.com/u/5OQFBZ26C3VQ5ONGZGDBDY4BUU Mark A

    Great comment. I bet there are dozens of examples of U.S. courts allowing corporations to trample over human rights. Does any web site collect these examples?

  • Anonymous

    Protecting companies from accountability to their investors would have to erode confidence in the market. Are the conservative justices on the Supreme Court that freaking stupid?

  • Anonymous

    Protecting companies from accountability to their investors would have to erode confidence in the market. Are the conservative justices on the Supreme Court that freaking stupid?

  • Anonymous

    Protecting companies from accountability to their investors would have to erode confidence in the market. Are the conservative justices on the Supreme Court that freaking stupid?

  • http://profiles.yahoo.com/u/5OQFBZ26C3VQ5ONGZGDBDY4BUU Mark A

    But they’re also not people. Isn’t this the same thing that Madoff guy went to jail for, lying to his investors? The only difference is he was a person. Also he didn’t have anything at all behind his lies while Haliburton just had less than what they claimed.

  • http://profiles.yahoo.com/u/5OQFBZ26C3VQ5ONGZGDBDY4BUU Mark A

    But they’re also not people. Isn’t this the same thing that Madoff guy went to jail for, lying to his investors? The only difference is he was a person. Also he didn’t have anything at all behind his lies while Haliburton just had less than what they claimed.

  • http://profiles.yahoo.com/u/5OQFBZ26C3VQ5ONGZGDBDY4BUU Mark A

    But they’re also not people. Isn’t this the same thing that Madoff guy went to jail for, lying to his investors? The only difference is he was a person. Also he didn’t have anything at all behind his lies while Haliburton just had less than what they claimed.

  • Anonymous

    I’ll believe it when I see it. Until then, this is just a nasty, nasty rumor.

  • Anonymous

    The wealthy use their wealth to discriminate and oppress. If scotus curbs class action lawsuits, it will be devastating. Another massive whole in the myth of equal justice for all.
    Polluters, drug manufacturers, and medical equipment makers, will be able to kill with impunity.

    We need to ammend the seventh ammendment, to include class action suits. Obama called for innovation. We need a cure for conservative mental illness before it consumes everyone.

  • Fedupin10

    What they would say, if they uphold the decision, is Plaintiffs would have to prove their case before they would be allowed to sue.

  • Fedupin10

    What they would say, if they uphold the decision, is Plaintiffs would have to prove their case before they would be allowed to sue.

  • Anonymous

    fascism, pure and simple.

    we are a fucking stupid stupid people

  • Anonymous

    fascism, pure and simple.

    we are a fucking stupid stupid people

  • Anonymous

    They are, indeed.

  • Anonymous

    They are, indeed.

  • Jaimie11

    You mean stolen, don’t you?

  • Jaimie11

    You mean stolen, don’t you?

  • http://twitter.com/btmfdrsheaven rebecca meritt

    the SCOTUS used to be the last hope of the people,I guess that’s been over for awhile,now.

  • http://twitter.com/btmfdrsheaven rebecca meritt

    the SCOTUS used to be the last hope of the people,I guess that’s been over for awhile,now.

  • Jaimie11

    The tactic known as incrementalism.

  • Jaimie11

    The tactic known as incrementalism.

  • Jaimie11

    I think it’s fitting that a dog has proven the existence of god. Goo’ boy, you goo’ goo’ boy.

  • Jaimie11

    I think it’s fitting that a dog has proven the existence of god. Goo’ boy, you goo’ goo’ boy.

  • Crispus Attucks

    I don’t see any rioting in the streets like in Egypt today… no we gave it to the thieves.

  • Crispus Attucks

    I don’t see any rioting in the streets like in Egypt today… no we gave it to the thieves.

  • hounddogg

    WOOF!…(pant ,pant, pant)…bark!……bark!, bark!..

  • hounddogg

    WOOF!…(pant ,pant, pant)…bark!……bark!, bark!..

  • Anonymous

    Eric W. Dolan:

    The case to be heard and decided by the US Supremes is whether the putative class of plaintiffs can be certified as a “class” for purposes of a class action lawsuit.

    The Court will NOT be deciding the fraud allegations, resolution of which could conceivably involve sanctioning lying to investors. However, the case that is now pending before SCOTUS will not, repeat NOT address the substantive fraud allegations.

    In fact, a quotation from your own article proves the point:

    “The Supreme Court is expected to hear arguments in April and make a decision in June. The court will only rule on whether the investors can be granted a class action status and will not address the merits of the fraud allegations.”

    Therefore, the headline of your article “In Halliburton case, Supreme Court may sanction corporations lying to investors” is

    misleading
    erroneous
    inflammatory
    misguided
    disingenuous
    and just plain

    W R O N G.

    Perhaps someone should have, you know, actually read the case first before publishing this screaming yellow journalism.

  • Anonymous

    Eric W. Dolan:

    The case to be heard and decided by the US Supremes is whether the putative class of plaintiffs can be certified as a “class” for purposes of a class action lawsuit.

    The Court will NOT be deciding the fraud allegations, resolution of which could conceivably involve sanctioning lying to investors. However, the case that is now pending before SCOTUS will not, repeat NOT address the substantive fraud allegations.

    In fact, a quotation from your own article proves the point:

    “The Supreme Court is expected to hear arguments in April and make a decision in June. The court will only rule on whether the investors can be granted a class action status and will not address the merits of the fraud allegations.”

    Therefore, the headline of your article “In Halliburton case, Supreme Court may sanction corporations lying to investors” is

    misleading
    erroneous
    inflammatory
    misguided
    disingenuous
    and just plain

    W R O N G.

    Perhaps someone should have, you know, actually read the case first before publishing this screaming yellow journalism.

  • Anonymous

    I am not a constitutional scholar by any description, but is it not possible to impeach or remove rouge justices? With the recent rulings on a court that seems heavily tilted towards the corporation’s rather than the individual citizen’s welfare is there no recourse within the bounds of law? Am I totally delusional in thinking that there are rules in place to protect the citizen?

    I know I’ve opened myself up to a world of Texas bashing but in all seriousness are we that screwed?

  • Anonymous

    I am not a constitutional scholar by any description, but is it not possible to impeach or remove rouge justices? With the recent rulings on a court that seems heavily tilted towards the corporation’s rather than the individual citizen’s welfare is there no recourse within the bounds of law? Am I totally delusional in thinking that there are rules in place to protect the citizen?

    I know I’ve opened myself up to a world of Texas bashing but in all seriousness are we that screwed?

  • Ma’at

    Of course it will. Approving Roberts was the last step in the Corporate purchase of SCOTUS.

  • Ma’at

    Of course it will. Approving Roberts was the last step in the Corporate purchase of SCOTUS.

  • Anonymous

    This is a very strange headline. It contains the word “sanction” which is the kind of word that the French philosopher, linguist, literary critic, and deconstructionist, Jacques Derrida (1930-2004) loved. And the reason that Derrida loved words like sanction is because they are their own antonym. In other words, they defy meaning even when the complete context is given. And as in the case here it is not clear even with the context what the writer of the headline means by ‘sanction.’ In fact, Derrida may have loved this headline because it is impossible to define the word “sanction” within the headline even after we have read the story.

    Here’s why: first sanction can be a verb or a noun here it is pretty clear that the writer means for the word to be a verb. But we still have the real problem of meaning. Does the writer mean the court is going to permit Halliburton to screw their investors or is it going to prohibit Halliburton from screwing their investors? We can’t tell no matter how long we look at it, what the writer means.

    Sanction noun:

    1. trade sanctions; penalty, punishment, deterrent, punitive action, discipline, restriction, embargo, ban, prohibition, boycott

    antonym: reward

    2. the scheme has the sanction of the court; authorization, consent, leave, permission, authority, warrant, license, dispensation, assent, acquiescence, agreement, approval, approbation

    antonym: prohibition.

    Sanction verb:

    1. the rally was sanctioned by the government; authorize, permit, allow, warrant, endorse, approve, support.

    antonym: prohibit

    2. the penalties available to sanction crime; punish, discipline someone for.

    antonym: reward

    It’s incomprehensible!

  • Anonymous

    This is a very strange headline. It contains the word “sanction” which is the kind of word that the French philosopher, linguist, literary critic, and deconstructionist, Jacques Derrida (1930-2004) loved. And the reason that Derrida loved words like sanction is because they are their own antonym. In other words, they defy meaning even when the complete context is given. And as in the case here it is not clear even with the context what the writer of the headline means by ‘sanction.’ In fact, Derrida may have loved this headline because it is impossible to define the word “sanction” within the headline even after we have read the story.

    Here’s why: first sanction can be a verb or a noun here it is pretty clear that the writer means for the word to be a verb. But we still have the real problem of meaning. Does the writer mean the court is going to permit Halliburton to screw their investors or is it going to prohibit Halliburton from screwing their investors? We can’t tell no matter how long we look at it, what the writer means.

    Sanction noun:

    1. trade sanctions; penalty, punishment, deterrent, punitive action, discipline, restriction, embargo, ban, prohibition, boycott

    antonym: reward

    2. the scheme has the sanction of the court; authorization, consent, leave, permission, authority, warrant, license, dispensation, assent, acquiescence, agreement, approval, approbation

    antonym: prohibition.

    Sanction verb:

    1. the rally was sanctioned by the government; authorize, permit, allow, warrant, endorse, approve, support.

    antonym: prohibit

    2. the penalties available to sanction crime; punish, discipline someone for.

    antonym: reward

    It’s incomprehensible!

  • Ma’at

    Every normal human being on the planet wants him prosecuted. unfortunately, normal humans don’t run the planet.

  • Ma’at

    Every normal human being on the planet wants him prosecuted. unfortunately, normal humans don’t run the planet.

  • Jaimie11

    They stole by sleight of hand – and a critical mass have simply not realized that yet. You can’t absolve the criminal just because the victims are asleep during the criminal act.

  • Anonymous

    Figures. The only thing that could possibly get this Court to side against a corporation is when the issue is investors. Investors trump everyone else, even corporations.

    But, if the issue were corporations versus employees or the environment or harmful products, there would be absolutely no interest from this Court.

  • Anonymous

    Why do business here?

    Can we remove them yet?

    Please!?!

    The sooner the better. It is a matter of NATIONAL SECURITY.

    Another case is coming up soon. This article covers the upcoming Westboro Baptist Church First Amendment Case. Very important article about the media.

    http://yearofthefalcon-libertyspeaks.blogspot.com/2011/01/right-to-speech-what-is-it-do-we-have.html

  • http://thepoliticalbandit.com/ William Cormier

    That’s the best answer I’ve heard from anyone so far. Stop the lifetime appointments and we end this crap almost immediately. The GOP could, if we were lucky, go along with it because they are stupid enough to believe they will retake the Senate and White House in 2012. (The down side is if it were a real close race and the vote was challenged, again, SCOTUS would hand them the election.)

  • Anonymous

    This doesn’t surprise me at all. They did appoint that dumbass, lying bastard bush in the position of being the president.

  • http://www.facebook.com/people/Lon-Warneke/1409625620 Lon Warneke

    The Supreme Court can no longer be considered to be immune from the influence of their plutocratic overlords.

  • Anonymous

    They should be rouge with embarrassment and shame, but they have no consciences.

    I suspect you meant to say rogue. I transpose letters occasionally, too.

    In answering your question “are we that screwed?”… I believe we are.

  • Anonymous

    For Pete’s sake Pagasae, that is the most irrelevant, nonsensical reader comment I have ever read in probably 15 years of reading news on the Internet. Yes, I know, English is a complex language and you further dilute it with this drivel you post. What, is the pedantic meaning of you nonsense other than to distract from the very serious content of this article? If you need flash cards and finger paints to understand the use is a verb, you know, like to sanction an athlete in league, to the tacit sanctioning of your ridiculous post that Raw Story is doing here. Is that a serious question?

    Really?

    Like, really really?

  • Anonymous

    For Pete’s sake Pagasae, that is the most irrelevant, nonsensical reader comment I have ever read in probably 15 years of reading news on the Internet. Yes, I know, English is a complex language and you further dilute it with this drivel you post. What, is the pedantic meaning of you nonsense other than to distract from the very serious content of this article? If you need flash cards and finger paints to understand the use is a verb, you know, like to sanction an athlete in league, to the tacit sanctioning of your ridiculous post that Raw Story is doing here. Is that a serious question?

    Really?

    Like, really really?

  • Anonymous

    RE: “The investors claimed that Halliburton and Chief Executive Officer David Lesar falsely inflated the company’s stock prices by…inflating the benefits of its merger with Dresser Industries.” – Dolan

    FROM WIKIPEDIA: …In 1998 Halliburton merged with Dresser Industries, which included Kellogg. Prescott Bush was a director of Dresser Industries, which is now part of Halliburton; his son, former president George H. W. Bush, worked for Dresser Industries in several positions from 1948 to 1951, before he founded Zapata Corporation.[26]…
    SOURCE – http://en.wikipedia.org/wiki/Halliburton

    ALSO FROM WIKIPEDIA: …In 1998, Dresser merged with its main rival Halliburton and became known as Halliburton Company.[2] Dick Cheney negotiated the US$7.7 billion deal, reportedly having done so during a weekend of quail-hunting. In 2001, Halliburton was forced to settle the asbestos lawsuits that it acquired as a result of purchasing Dresser, causing the company’s stock price to fall by eighty percent in just over a year.[8]…
    SOURCE – http://en.wikipedia.org/wiki/Dresser_Industries

    P.S. …In the run-up to the Iraq war, Halliburton was awarded a $7 billion contract for which ‘unusually’ only Halliburton was allowed to bid.[43]
    Bunnatine Greenhouse, a civil servant with 20 years of contracting experience, had complained to Army officials on numerous occasions that Halliburton had been unlawfully receiving special treatment for work in Iraq, Kuwait and the Balkans. Criminal investigations were opened by the U.S. Justice Department, the Federal Bureau of Investigation (FBI) and the Pentagon’s inspector general… SOURCE – http://en.wikipedia.org/wiki/Halliburton

  • tehamawhiteneck

    With LIBERTY and JUSTICE for all BOARDS of DIRECTORS.

  • Anonymous

    The Supreme Court is “regulating corporations”? That ultra-right corporation-is-a-person gang of profit pimps will slap CEOs on the wrist when they fib? Yeah. RIGHT.

    What happened to the SEC or the FTC or even the FDA?

  • Anonymous

    “Supreme Court may sanction corporations lying to investors”

    Ooooo, please do this! Please? It would be the beginning of the end of the Stock Market as we know it, and the “injuries” would alllllll be self-inflicted!

  • Anonymous

    Why don’t we just say corporations are above the law, and be done with it?

  • http://profiles.yahoo.com/u/GCPX7DXZGK2H2CPNYRR5IS5A64 Turnip Mcgee

    …some also would call it a dialectic process. Hegelian.

  • Anonymous

    You’re ten years late on this.

  • Taleisin

    Is this the same Supreme court that believes corporations are people?

    How long will Americans put up with this?
    Are you going to wait until the US is as poor as Somalia before you demand change?

  • Anonymous

    Anyone who invests in stocks other than professionals who do it for a living is fair game. Common stock has absolutely no value other than a shared delusion of worth. It is not edible, not beautiful, not edifying, not useful in any way. Preferred stock has a value in ownership of the means of some production.

  • Anonymous

    Anyone who invests in stocks other than professionals who do it for a living is fair game. Common stock has absolutely no value other than a shared delusion of worth. It is not edible, not beautiful, not edifying, not useful in any way. Preferred stock has a value in ownership of the means of some production.

  • Anonymous

    What Corporate dirty trick won’t the Supreme Court of the Corporate States condone?

  • Anonymous

    What Corporate dirty trick won’t the Supreme Court of the Corporate States condone?

  • Anonymous

    —ALERT—

    Since we are talking about the supreme court, check this out:

    Will Clarence Thomas Get Away With a Federal Crime?

    http://legalschnauzer.blogspot.com/2011/01/will-clarence-thomas-get-away-with.html

  • Anonymous

    —ALERT—

    Since we are talking about the supreme court, check this out:

    Will Clarence Thomas Get Away With a Federal Crime?

    http://legalschnauzer.blogspot.com/2011/01/will-clarence-thomas-get-away-with.html

  • Anonymous

    —ALERT—

    Since we are talking about the supreme court, check this out:

    Will Clarence Thomas Get Away With a Federal Crime?

    http://legalschnauzer.blogspot.com/2011/01/will-clarence-thomas-get-away-with.html

  • Anonymous

    —ALERT—

    Since we are talking about the supreme court, check this out:

    Will Clarence Thomas Get Away With a Federal Crime?

    http://legalschnauzer.blogspot.com/2011/01/will-clarence-thomas-get-away-with.html

  • Anonymous

    If the Supremes strip the plaintiffs of their right to a class action status they will have to file as individuals and they will lose. As individuals they do not have the money or resources to face Halliburton in court. If they combine resources as a class they will win the case. Therefore (as you say) the Supreme Court will in effect decide this case.

  • Anonymous

    If the Supremes strip the plaintiffs of their right to a class action status they will have to file as individuals and they will lose. As individuals they do not have the money or resources to face Halliburton in court. If they combine resources as a class they will win the case. Therefore (as you say) the Supreme Court will in effect decide this case.

  • Anonymous

    If the Supremes strip the plaintiffs of their right to a class action status they will have to file as individuals and they will lose. As individuals they do not have the money or resources to face Halliburton in court. If they combine resources as a class they will win the case. Therefore (as you say) the Supreme Court will in effect decide this case.

  • Anonymous

    If the Supremes strip the plaintiffs of their right to a class action status they will have to file as individuals and they will lose. As individuals they do not have the money or resources to face Halliburton in court. If they combine resources as a class they will win the case. Therefore (as you say) the Supreme Court will in effect decide this case.

  • Anonymous

    El Duce would be so proud.

  • Anonymous

    El Duce would be so proud.

  • Anonymous

    El Duce would be so proud.

  • Anonymous

    El Duce would be so proud.

  • Anonymous

    If this passes, Bernie Madoff will be out of prison within a year, and be right back to his
    ponzi schemes. of course, he also would be murdered by those that he screwed over.

  • Anonymous

    If this passes, Bernie Madoff will be out of prison within a year, and be right back to his
    ponzi schemes. of course, he also would be murdered by those that he screwed over.

  • Anonymous

    If this passes, Bernie Madoff will be out of prison within a year, and be right back to his
    ponzi schemes. of course, he also would be murdered by those that he screwed over.

  • Anonymous

    If this passes, Bernie Madoff will be out of prison within a year, and be right back to his
    ponzi schemes. of course, he also would be murdered by those that he screwed over.

  • http://twitter.com/truthherald CALIOPE GIALOUSIS

    unfortunately, Thomas probably will get away with it. I don’t think this Supreme Court cares about true justice.

  • http://twitter.com/truthherald CALIOPE GIALOUSIS

    unfortunately, Thomas probably will get away with it. I don’t think this Supreme Court cares about true justice.

  • http://twitter.com/truthherald CALIOPE GIALOUSIS

    unfortunately, Thomas probably will get away with it. I don’t think this Supreme Court cares about true justice.

  • http://twitter.com/truthherald CALIOPE GIALOUSIS

    unfortunately, Thomas probably will get away with it. I don’t think this Supreme Court cares about true justice.

  • Anonymous

    If this happens then stop buying stocks.

  • Anonymous

    If this happens then stop buying stocks.

  • Anonymous

    Do you think the court can give him the Rangel treatment

  • Anonymous

    Do you think the court can give him the Rangel treatment

  • http://pulse.yahoo.com/_3T7VECLRJCVK2Z327KVJILQH24 cameron

    no they do, but only in the form they are used to…. give back to those that made you in the first place…..

  • http://pulse.yahoo.com/_3T7VECLRJCVK2Z327KVJILQH24 cameron

    no they do, but only in the form they are used to…. give back to those that made you in the first place…..

  • http://www.youtube.com/watch?v=y_PZPpWTRTU Bamboo_Harvester
  • http://www.youtube.com/watch?v=y_PZPpWTRTU Bamboo_Harvester
  • http://www.youtube.com/watch?v=y_PZPpWTRTU Bamboo_Harvester

    one of the top web censored term

    “KANGAROO SCOTUS”

  • http://www.youtube.com/watch?v=y_PZPpWTRTU Bamboo_Harvester

    one of the top web censored term

    “KANGAROO SCOTUS”

  • Anonymous

    heck they don’t even show up for the state of the union
    I love these guys

  • Anonymous

    Dick Cheney negotiated the sale of Dresser Industries to Halliburton. The stock plummeted after the sale leaving investors in a lurch. Dick Cheney awarded a no bid contract Halliburton to rebuild a destroyed Iraq. Stocks rebounded.
    Your story was lacking it’s central character.

    Did these investors in the suit get out too early? Dumb, when the former CEO was running the country.
    Are they still in? They should be rich, whats the beef?

  • Anonymous

    Any further doubts about the Anti American Bought and Paid for corporate approved Supreme Court. Remember it is about the MONEY and the STRIPPING of AMERICANS of their gauranteed FREEDOMS, which I might remind you the SCUM BAG scalia would do gladly and scream that decision from the roof tops.

  • Anonymous

    BooHoo!!!Quit investing in the war machine and I’ll have some sympathy.I hope anyone invested in Halliburton, Raytheon, Dyncorp etc…. loses every dime they have.Wah F**kin’ Wah!!!!!

  • Anonymous

    We can (rightfully) lambaste the SCROTUS all we want, but the bottom line is they only have the power to (mis)interpret the laws enacted by Congress (or should I say, Regress). All is takes to overturn Citizen’s United, and whatever the next outrage is, is for Regress to enact clearly-worded laws with no loopholes. But we know they don’t have the ‘political will’ to do so, since they are owned by the same overlords as the SCROTUS.

  • Anonymous

    All this in support of a foreign corporation. If you as a human lied to another to get money from him, the district attorney is likely to take the case over, so the state makes the charge. If these foreigners have the status of humans, why is it not the same for them, that swindling people is punished as crime?

  • http://worldwright.wordpress.com/2011/01/27/the-raw-story-investigative-news-and-politics/ The Raw Story | Investigative News and Politics « WorldWright's …

    [...] Supreme Court may hinder fraud cases [...]

  • Anonymous

    if you did have enough money for the appeals court….what makes you think you have enough for the supreme court???????….. Halliburton ….does

  • Anonymous

    It is not in the best interest of your oligarchy. That is all.

  • Anonymous

    There are three forms of warfare: military, social, and FINANCE. Finance is by far the less bloody and more economically lethal. Easier to take over the country (or countries) and available to all who have vast amounts of money and cooperative government officials who need money to be elected.

    Since 2007, and even before, Financial warfare as been raging across the world. We are at war. Except, it the oligarchs – with compliant patsies in government – who are waging war against the rest of humanity for?

    Social control. The new aristocracy. The divine right of finance.

  • Anonymous

    You are very very very wrong. Individual plaintiffs can easily recover damages, provided they can prove them up. I have had countless classes certified and several NOT certified, but the plaintiffs each recovered in their own right. I would add that some classes do not merit certification and their inability to meet the stringent requirements of a class for purposes of a collective lawsuit has nothing to do with protecting one or the other side. There are procedures and rules that must be met in order to obtain class status. One of those requirements is that every member of the class demonstrate injury by virtue of the SAME act(s) by defendant. .

    In any event, the headline states that the court might “sanction” fraud, when in fact, the court will not reach the merits of the fraud case because it is only deciding a procedural question.

    Denying the plaintiffs class status is NOT the same as affirmatively sanctioning fraud. If you do not understand that then you do not understand the article.

    Moreover, the EFFECT of denying class status will NOT be to “sanction fraud” since the class certification was denied because the class representative could not demonstrate a causal nexus to the alleged fraud/ and their (plaintiffs’) decision to invest or retain their holdings.

  • Anonymous

    I certainly hope the Supreme Court will allow the investors to be able to pursue their class action lawsuit. I see no reason why they should be denied to collectively bring forth a class action lawsuit against those they feel has wronged them.

  • Johnny Warbucks

    I’m still in disbelief over the fact that Bernie went to jail. He represents everything the US oligarchy stands for. As for his victims, they all got their money back. They won’t be doing anything. The government made sure of that. Of course, it helps that they were Chosen People, had they been black or Latinos, they would have been double screwed but such is the nature of things in the US

  • Anonymous

    They pretty much already are.

  • Anonymous

    If Thomas can get away with not disclosing his wife’s income for years, and Scalia can get away with not recusing on a matter directly involving his “quail hunting buddy,” they are untouchable.

  • Anonymous

    Madoff made the fatal error of stealing from rich people. Otherwise, he’d simply be one of Obama’s “savvy businessmen.”

  • Johnny Warbucks

    You think that was it? The whole affair is really strange. There were rumor of Mafia connections and I always thought it was either than or entanglements with people that so high up that they couldn’t be brought down so they offered him as the sacrificial lamb. I do not, for one moment, believe the official story. And you are right, but for whatever is lurking behind the scenes, he would have probably been offered a post at the White House and hailed as one of Wall Street’s best and brightest.

  • http://www.worldspinner.us/supreme-court World Spinner

    In Halliburton case, Supreme Court may sanction corporations lying ……

    Here at World Spinner we are debating the same thing……

  • http://www.thelibertyvoice.com/in-halliburton-case-supreme-court-may-sanction-corporations-lying-to-investors In Halliburton case, Supreme Court may sanction corporations lying to investors | The Liberty Voice

    [...] The Raw Story [...]

  • Anonymous

    You can be sure the SCOTUS will rule on the side of corporations and if you thought you were being screwed before watch out that was only the beginning.