Weatherford Bankruptcy Misstatements Suit Tossed by Appeal Panel

Weatherford International PLC, as well as several current and former executives, will no longer face allegations that they misrepresented a plan to avoid bankruptcy for the oilfield service company after a panel of appeal judges affirmed dismissal of the suit on Thursday.

The decision in US Court of Appeals for the Fifth Circuit upholds a federal judge’s 2021 ruling to toss the case for lack of standing in US District Court for the Southern District of Texas. The appeal panel found Utah Retirement Systems’ pleading inadequate on the question of whether that the company and executives knowingly violated ...