CINCINNATI, May 24, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising -- The class action law firm of Statman, Harris & Eyrich LLC today announced that it is investigating Transocean Ltd. ("Transocean" or the "Company") (NYSE:RIG) for potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
The investigation focuses on breaches of fiduciary duty by Transocean, which permitted investment in Company stock in Transocean's retirement plans while concealing its deficient safety protocols and its operating and safety record, making Transocean stock an imprudent investment. Transocean also concealed the known hazards associated with its use of certain blowout preventers on ultra-deepwater drilling engagements from investors in its 2009 and 2010 statements.
Transocean and other fiduciaries have a fiduciary duty of loyalty and prudence to participants and beneficiaries of its retirement plans. A breach may have occurred if the fiduciaries failed to manage the assets of the plans prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.
If you are a current or former employee or are a member of any of Transocean's investment plans or profit sharing retirement plans, you may be included in a possible ERISA class action. If you purchased or held Transocean stock in one of those plans between August 5, 2009 and May 7, 2010, you may have a claim.
For more information on your rights, you may contact Attorney Elizabeth Hutton at Statman, Harris & Eyrich, LLC, by telephone at 513-658-8867, or by email at ehutton@statmanharris.com for further information without any obligation or cost to you.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio. www.statmanharris.com