On Wednesday, U.S. District Court Judge Melinda Harmon ended one more suit which ignited as a result of that atom bomb known to all as Enron. Plaintiffs in the Enron class action suit, Newby, et al v. Enron Corp, et al, were persuing recovery from the banks involved with Enron including among others, B of A’s Merrill Lynch unit, Barclays, and Credit Suisse. Defendants in this case also included usual suspects Jeff Skilling, Richard Causey and Mark Koeing. The claims against all parties were dismissed.

Coughlin reports that $4.6 billion of the settlement fund had been distributed to plaintiffs and an additional $1 billion should follow by next year. This return is valued at about $.30 on the dollar which, according to the attorney, is a good return considering the legal hurdles his clients faced.

Lest anyone think that the many-headed Hydra that is the Enron fall-out has been finally slain, Jeff Skilling’s legal battles continue. Mr. Skilling will have the appeal of his conviction reviewed by the U.S. Supreme Court nearly next summer. A federal appeals court upheld the conviction, but overturned the sentence due to an error by the trial judge. Skilling has not yet been re-sentenced.

Related Resources:

  • Judge ends Enron shareholder lawsuit against banks (Reuters)
  • Securities Law: An Overview (FindLaw)
  • Judge ends Enron shareholder suit, but ruling doesn’t affect $7.2 billion settlement (FSFM)
  • Whistleblower Cases (provided by Beckmann Law Offices PC, LLO)

You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help

Civil Rights

Block on Trump’s Asylum Ban Upheld by Supreme Court

Criminal

Judges Can Release Secret Grand Jury Records

Politicians Can’t Block Voters on Facebook, Court Rules