Judge Sinks Securities Class Action Against Transocean

Law360, New York (March 20, 2012, 5:58 PM EDT) -- A federal judge Tuesday threw out a proposed investor class action against oil rig operator Transocean Ltd., saying that while the drilling firm might be liable for the Deepwater Horizon spill, there is no evidence it violated securities law.

Plaintiffs in the case, led by Danish pension fund Danica Pension, argued that Transocean CEO Steven L. Newman made misleading statements in conference calls before and during the 2010 disaster, which killed 11 people and wreaked environmental havoc in the Gulf of Mexico.

But evidence presented by...
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Case Information

Case Title

Foley v. Transocean Ltd. et al


Case Number

1:10-cv-05233

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Naomi Reice Buchwald

Date Filed

July 8, 2010

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