Weatherford Fails To Merge Suits Over $500M Tax Error

Law360, New York (August 9, 2011, 1:27 PM EDT) -- Weatherford International Ltd. fell short Monday in its bid to consolidate a putative securities class action in New York with a derivative action in Texas over the oil field service company’s tax miscalculations, which overstated earnings by roughly $500 million.

The U.S. Judicial Panel on Multidistrict Litigation refused to centralize the two suits for pretrial proceedings, finding that there were not enough lawsuits to justify consolidating the actions in Texas, as Weatherford requested.

“[W]e are not persuaded that Section 1407 centralization would serve the convenience of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.