The 5th Circuit ruled Monday that Enron shareholders cannot proceed with a $40 billion class-action lawsuit against investment banks for their alleged role in the accounting fraud that led to Enron's collapse. Reversing a district court decision, the three-judge panel said it was appropriate for the court to intervene "before settlement may be coerced by an erroneous class certification decision." A trial was set to begin next month, but plaintiffs attorney William Lerach said it now must be postponed.
March 20, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal appeals court ruled Monday that Enron Corp. shareholders cannot proceed with a class action lawsuit against investment banks for their alleged role in the accounting fraud that led to Enron’s collapse.
The 5th U.S. Circuit Court of Appeals opinion reversed Southern District of Texas Judge Melinda Harmon in Houston, who had said shareholders could sue as a class.
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