Cheney accused of accounting fraud
A watchdog group says it will file a shareholders lawsuit against US Vice President Dick Cheney and his former employer, Halliburton, claiming they engaged in accounting fraud.
Mr Cheney was chairman and chief executive of the oil field-services giant from 1995 to 2000.
Halliburton announced on May 28 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.
The Washington-based group Judicial Watch alleges 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 in Miami, Florida.
Messages seeking comment from Mr Cheney and the White House have not been returned.
"We don't believe that there's any merit to this case," Halliburton spokeswoman Zelma Branch said.
The lawsuit, which is expected to be filed in federal court in Dallas, Texas, also names 10 of Halliburton's board members. Klayman says auditor Arthur Andersen will also be named in the lawsuit. Andersen spokesman Patrick Dorton declined to comment.
Judicial Watch has sued for access to records of the Cheney-led energy task force that drafted the Bush administration's energy policy.
