Wednesday, September 1, 2010

Cameron (NYSE:CAM) Stops Attempt to Replace Judge Barbier

Cameron International (NYSE:CAM) had been pressing for some time to have U.S. District Judge Carl Barbier recuse himself because of bond holdings in oil companies which could give the appearance of impropriety.

At the time of the explosion on the Deepwater Horizon oil rig, Barbier owned about $30,000 in Halliburton (NYSE:HAL) and Transocean (NYSE:RIG) bonds.

On August 20, Cameron moved to withdraw its recusal motion against Barbier it had filed in June.

On August 25, Barbier allowed the withdrawal to go forward, then canceling a hearing on September 30 which would have dealt with his investments in the oil companies.

Once it was made public knowledge that Barbier owned the bonds, he said he "instructed" his broker to sell them on June 3.

Barbier presides over a number of federal lawsuits from from all five Gulf states affected by the oil spill.

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