U.S. Court Dismisses Shareholder Lawsuit Against Transocean
Transocean Ltd on Thursday won the dismissal of an appeal by shareholders accusing the owner of the doomed Deepwater Horizon drilling rig of deceiving them about its safety practices prior to the massive 2010 Gulf of Mexico oil spill.
The 2nd U.S. Circuit Court of Appeals in New York rejected claims by former GlobalSantaFe Corp shareholders arising from an October 2007 proxy statement for the company's proposed merger with Transocean. The deal was eventually completed.
The shareholders claimed they were misled in the proxy statement about Transocean's compliance with environmental laws.
They sought to hold Transocean liable for losses they suffered after the Gulf spill, when the company's shares lost more than half their value within two months.
(Reporting by Jonathan Stempel in New York)
