Transocean wins against shareholders in appeals court case

On Thursday, March 17, Vernier, Switzerland-based offshore drilling contractor Transocean Ltd. was supported by the 2nd U.S. Court of Appeals in Manhattan, New York. It gained the dismissal of an appeal by shareholders who accused Transocean, owner of the Deepwater Horizon oil drilling rig, of not being truthful about its safety practices which were related to the 2010 Gulf of Mexico oil spill.

After the court released its decision, shares of Transocean increased by 3%.

Circuit Judge Jose Cabranes stated it did not matter that the lawsuit was filed before the three-year deadline to sue over the proxy statement; what matters is that it was filed by another shareholder whose lawsuit was dismissed from the case because it lacked standing.

Transocean in January 2013 agreed to pay $1.4 billion in civil and criminal fines and penalties to settle the United States government claims over the spill.

If you need to appeal the decision of your BP oil spill claim for your losses from the 2010 Gulf of Mexico oil spill, do not hesitate to ask for the experienced legal assistance of our attorneys at Williams Kherkher by calling our offices today at 800-821-1544.