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US top court split on allowing class action fraud suits

Photo taken August 20, 2013 shows a sign and flags flying at a Halliburton facility in Williston, North DakotaThe US Supreme Court appeared sharply divided Wednesday on whether stockholders should be allowed to file class action lawsuits over alleged financial market fraud. The court, known for a gentle approach to the business community, was weighing whether to take up a class-action case against US energy giant Halliburton. In the case, a group of investors charged that they lost money when Halliburton’s shares plunged following what the plaintiffs said was an erroneous characterization of earnings. But at issue at the top court was whether the class-action suit should move forward at all.

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