Two weeks ago, Transocean Ltd., the company that owns the sunken Deepwater Horizon oil rig, filed a motion in federal court seeking to seeking to limit its courtroom losses to $26.7 million. Today, a Transocean lawyer said that underwriters forced the company’s hand.
Rachel Clingman, a partner at Sutherland Asbill & Brennan, outlined the company’s position in written testimony submitted to the House Judiciary Committee. She has temporarily gone in-house for Transocean — taking on the title “acting co-general counsel” — and is scheduled to testify in person today.
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