Judge Nixes Nabors Shareholder Suit Based On Foreign Law

Law360, New York (July 30, 2012, 10:22 PM EDT) -- A Texas federal judge on Monday dismissed a proposed shareholder class action against Bermudan oil drilling contractor Nabors Industries Ltd. over a $100 million payout awarded to ousted CEO Eugene Isenberg, finding the complaint could not proceed under applicable foreign law.

U.S. District Judge Ewing Werlein Jr. ruled that the Erie County Employees Retirement System’s suit against Nabors, Isenberg and several of the company’s directors had to be dismissed, because the retirement fund did not sufficiently argue an exception to the general prohibition against shareholder suits...
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