The firm announced it is investigating whether the plans’ administrators breached their fiduciary duties in violation of the Employee Retirement Income Security Act (ERISA). The investigation concerns public statements issued by Transocean between August 5, 2009 and May 7, 2010.
According to the announcement, a pending shareholder lawsuit claims that during that period Transocean and certain of its executive officers failed to disclose and/or misrepresented the effectiveness of Transocean’s safety protocols, recurring problems with blowout preventers (BOP) – including BOPs installed on the Deepwater Horizon mobile drilling platform which is currently at the center of a massive oil spill in the Gulf of Mexico – and the company’s operating and safety record.
The law firm said it is investigating whether Transocean and other administrators of the plan failed to prudently and loyally manage the plans’ investments in Transocean stock by continuing to offer company stock when the stock was no longer a prudent investment.
More information about the investigation can be found on the firm’s Web site: http://www.howardsmithlaw.com.