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Transocean Holders’ Suits Over Rig Explosion Dismissed by Judge

Transocean…owner of the oil rig leased to BP…that…spewed…oil into the Gulf of Mexico, won dismissal of investor claims…that Chief Executive Officer Steven Newman made “materially false and misleading statements” about the company’s safety record…The suits also allege the CEO failed to disclose problems…later…linked to the…explosion…“To allow lead plaintiffs’ claims to proceed…would…permit a claim based on fraud by hindsight,” [Judge] Buchwald said…[also refers to BP, Vernier]

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