Detroit (Policemen & Firemen Retirement) fund sues Halliburton, KBR

Source: PI Online

The Detroit Policemen & Firemen Retirement System filed a lawsuit in U.S. District Court in Houston today against oil field services provider Halliburton Co. and its one-time subsidiary KBR Inc., accusing Halliburton’s board of directors of breach of fiduciary duty for misdeeds and corruption resulting in damage to investors’ holdings.

The lawsuit, brought on behalf of the retirement system by Wilmington, Del.-based law firm Grant & Eisenhofer P.A. and Houston-based Lanier Law Firm, names current and former directors of Halliburton as defendants.

“Halliburton and KBR have been directly and substantially injured by reason of the Halliburton defendants’ intentional breach and/or reckless disregard of their fiduciary duties to the companies,” the lawsuit reads.

The $3.6 billion Detroit retirement system seeks unspecified damages and other relief from the two companies.

Read more: http://www.pionline.com/article/20090514/DAILYREG/905149968

To be clear... I mean the KBR rats.

In summer 2009 the building will be renamed Willis Tower.