The Policemen and Firemen Retirement System of Detroit, a municipal pension fund, filed a lawsuit against Halliburton Company and its former subsidiary KBR alleging that poor oversight and lack of internal controls at the two companies enabled a pervasive environment of corruption that severely damaged investors’ holdings. (KBR was later dropped from the lawsuit.) In July 2012, a proposed settlement was reached in which Halliburton agreed to take certain remedial actions, such as recovering incentive compensation paid to any officer or director who was involved in or approved illegal activities and revising its code of business conduct.