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Transocean Holdersโ Suits Over Rig Explosion Dismissed by Judge
Transoceanโฆowner of the oil rig leased to BPโฆthatโฆspewedโฆoil into the Gulf of Mexico, won dismissal of investor claimsโฆthat Chief Executive Officer Steven Newman made โmaterially false and misleading statementsโ about the companyโs safety recordโฆThe suits also allege the CEO failed to disclose problemsโฆlaterโฆlinked to theโฆexplosionโฆโTo allow lead plaintiffsโ claims to proceedโฆwouldโฆpermit a claim based on fraud by hindsight,โ [Judge] Buchwald saidโฆ[also refers to BP, Vernier]