US Court summarily dismisses securities class action lawsuit against Bermuda company, Seadrill Limited

On 20 June 2016, Southern District of New York Federal Court Judge Lorna Schofield granted the defendants’ motion to dismiss, summarily, the securities class action which had been brought against Seadrill Limited, in which the plaintiffs alleged that they had suffered losses caused by the company’s elimination of its dividend and loss of significant business with a Russian oil company subject to international sanctions, following Russia’s invasion and annexation of Crimea.

A copy of the opinion is available here: http://www.dandodiary.com/wp-content/uploads/sites/265/2016/06/seadrill-opinion.pdf

The case is well-analysed by Kevin LaCroix in his excellent blog, The D&O Diary.

http://www.dandodiary.com/2016/06/articles/securities-litigation/russian-trade-sanctions-related-securities-lawsuit-dismissed/

See also: http://www.law360.com/articles/809389/seadrill-didn-t-lie-about-russian-sanctions-judge-says

And see Skadden’s news release: https://www.skadden.com/news-events/seadrill-secures-dismissal-securities-action

 

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