Transocean (NYSE:RIG) Has Class Action Lawsuit Filed Against Them

Owner of the Deepwater Horizon oil rig involved with the BP (NYSE:BP) oil spill, Transocean (NYSE:RIG), had a class action lawsuit filed against them by Scott+Scott LLP, which includes their former CEO and the former CEO of GlobalSantaFe Corporation, which they merged with.

Their press release stated:

"The complaint in this action alleges that, on October 2, 2007, in advance of a planned shareholder vote regarding the proposed merger of Transocean and GlobalSantaFe, Defendants disseminated a proxy statement to the Class that contained untrue statements of material facts and omitted to state material facts necessary to make the statements that were made not misleading in violation of §14(a) of the Exchange Act and SEC Rule 14a-9 promulgated thereunder. Specifically, Transocean is
alleged to have misrepresented the quality of its drilling fleet and its safety practices. In fact, as was first revealed by the Deepwater Horizon disaster and its aftermath, Transocean was dramatically underinvesting in safety and exposing itself to a high risk of a catastrophic event. The false proxy induced the Class to approve the merger with Transocean for inadequate consideration, thereby harming the Class."

The lawsuit was filed against Transocean on September 30, 2010.

10 Billion Class Action Lawsuit Against BP (NYSE:BP), Thousands Joining

There are thousands of people in Galveston, TX. who have signed up to be part of a class action lawsuit against BP (NYSE:BP). They are afraid that they have been exposed and will suffer long term effects caused by a benzene leak at a BP facility.

In papers filed in court, the lawsuit alleges the release of over 500,000 pounds of chemicals, 17,000 pounds of which was benzene. It's being said the chemicals have harmed property values in the area as well as putting the health of citizens at risk.

This incident happened April 6th, when the company was having problems with a hydrogen compressor in their Texas City plant. There was a fire which compromised the seal of the compressor which made BP have to burn off the gases. The company worked to fix the problem over the following 40 day, there was 583,000 pounds of toxic chemicals released into the air.

BP (NYSE:BP): State Pension Funds Ask for Lead-Plaintiff Status in Class-Action Lawsuit

Government fund of Ohio and New York are seeking to be named lead plaintiffs by a Louisiana court in a class-action lawsuit against BP (NYSE:BP).

Court papers filed by Ohio Attorney General Richard A. Cordray and New York Comptroller Thomas P. DiNapoli show the two pension funds combined lost $229.4 million by investing in BP and the resultant fallout from the Gulf oil spill.

The complaint states BP and its directors and officers are responsible for the pension fund losses, and should pay for it.

According to the filing, BP "made false and misleading statements regarding BP’s safety protocols, operations, and safety record, as well as its ability to respond to a major oil spill.”

So far over 300 lawsuits have been filed against BP in relation to the Gulf oil spill.

BP (NYSE:BP) Class Action Lawsuit: Class Action Attorney

One of New Orleans highly regarded and prominent chefs Susan Spicer, is suing BP (NYSE:BP) claiming that restaurants in the area have seen a decline in seafood supplies due to the negligence of the Gulf oil spill. She runs a restaurant called Bayone in the French Quarter of New Orleans.

The class action lawsuit is on behalf of all restaurants in the seafood industry that have experienced losses and damage caused by the explosion of the Deepwater Horizon Rig on April 20th. The 18 page complaint was filed in Federal Court on Friday.

Serena Pollace, Spicer's lawyer said that due to the oil spill they are expecting to lose customers because of contamination fears, higher prices, lower tourism, and the lack of availability of local seafood. " Much of the plaintiffs business is based on the unique quality of Louisiana seafood as well as the chain of delivery of that resource from the initial harvester. Because this chain of delivery cannot be maintained, plaintiffs business has been and continues to be, materially damaged," said Pollace.

The lawsuit also names as defendants, Transocean who operated the rig, Cameron who provided the blowout preventer, and Halliburton that provided the cementing services. The lawsuit is seeking compensatory and punitive damages from BP.

Another BP (NYSE:BP) Class Action Lawsuit

Another shareholder class action lawsuit has been filed against BP (NYSE:BP), this time you could include the song title "We are the World," to describe how it differentiates from other recently-filed lawsuits against the oil company.

Lawyers looking everywhere for BP blood to sue, got creative and are including everyone around the world who holds shares in BP.

About 61 percent of all shareholders of BP reside outside the United States, the reason for going this route by New York's Zwerling, Schachter & Zwerling.

According to the complaint filed, "Defendants were aware that BP's operations in the Gulf were inadequate and unsafe with respect to the risks associated with those operations, particularly with respect to an oil spill and its consequences."

Among the defendants named are BP CEO Tony Hayward, Chairman of the board Carl-Henrie Svanberg, and CFO Byron Grote.