May 22, 2008

BW: Investment banks off the hook from Enron lawsuit

The U.S. Supreme Court closed out a lingering chapter in the Enron saga on Jan. 22 when it declined to hear an appeal by shareholders seeking billions in damages from investment banks that advised the notorious energy giant. The denial was expected after a decision last week that said aggrieved investors can't sue third parties who abet fraudulent schemes unless they can show they relied on public statements by those parties.

~ BusinessWeek, "Enron Lawsuit: No Go," February 4, 2008, edited by Harry Maurer & Cristina Linblad

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