Transocean Beats Investors' Merger Suit Over Safety Record

Law360, Los Angeles (March 11, 2014, 8:26 PM EDT) -- A New York federal judge tossed a proposed class action Tuesday brought by Transocean Ltd. investors who claimed they were deceived about the company's safety practices when it bought fellow drilling business GlobalSantaFe Corp., finding the suit time-barred by the relevant statute of repose.

U.S. District Judge Lorna G. Schofield granted Transocean's motion to dismiss DeKalb County Pension Fund's suit over a proxy statement distributed to GlobalSantaFe shareholders in connection with the merger that allegedly contained false representations and material omissions on Transocean's compliance with environmental...
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