Shareholders Drill Transocean Over Safety Claims

Law360, New York (May 14, 2010, 12:04 PM EDT) -- Shareholders of Transocean Ltd., which operated the ill-fated oil rig now leaking huge amounts of oil into the Gulf of Mexico, have filed a putative securities fraud class action claiming the company issued false and misleading statements about its safety protocols.

Transocean and Steven Newman, the company's president and CEO, covered up recurring blowout preventer problems and a dismal operating and safety record, according to a complaint filed Thursday in U.S. District Court for the Eastern District of Louisiana.

As a result of the false and...
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