Pension Fund Failed To Plead Material Misrepresentation, Scienter, Judge Rules

NEW YORK - A pension fund has failed to plead its federal securities law claims against Transocean Ltd. and its current and former chief executive officers for alleged misrepresentations made regarding the company's "company-wide safety, personnel training, and maintenance practices" in response to the Deepwater Horizon oil rig explosion because it failed to plead a material misrepresentation or scienter, a federal judge in New York ruled March 20 (Donald P. Foley v. Transocean Ltd., et al., No. 10-5233, S.D. N.Y.; 2012 U.S. Dist. LEXIS 37882). Full story on lexis.com