Transocean Can't Duck Merger Suit Over Safety Record

Law360, New York (October 5, 2012, 1:25 PM EDT) -- A New York federal judge on Thursday kept afloat a proposed securities class action by Transocean Ltd. investors who say they were deceived about the company's safety practices when it bought fellow drilling business GlobalSantaFe Corp., finding shareholders provided basic evidence they voted on the deal.

The ruling from U.S. District Judge Laura Taylor Swain in the suit brought by Georgia’s DeKalb County Pension Fund rested entirely on the sworn declaration of one fund representative, who said Dekalb was eligible to cast a ballot and did...
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