In a suit that directly stemmed from the spectacular demise of Enron Inc., a federal appeals court has upheld the dismissal of securities claims brought by investors in a mutual fund that lost $900 million by waiting to sell its Enron holdings until just two days before the company’s bankruptcy.

In Benak v. Alliance Capital Management, a unanimous three-judge panel of the 3rd U.S. Circuit Court of Appeals concluded that the mutual fund investors themselves had waited too long before going to court.

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