Attorneys Press High Court To Hear Enron Investor Suit
Lawyer Blogs
A $40 billion lawsuit by Enron investors against several banks for orchestrating financing deals for the now-defunct energy trader is not dead, despite a recent Supreme Court decision that helps protect such third parties.
In fact, some lawyers who represent investors argue the high court decision involving cable company Charter Communications and two of its suppliers, made a clear distinction that justifies hearing the Enron case.
The Supreme Court ruled 5-3 that shareholders cannot sue third parties in securities fraud cases, unless investors relied on their statements or representations when making investment decisions.
Stoneridge Investment Partners, on behalf of Charter shareholders, had accused the two suppliers of scheming to inflate company revenues in 2000.
Lawyers for investors point to sections of Justice Anthony Kennedy's majority opinion, which they say makes a distinction between third parties involved in the goods and services arena and those involved in the investment sector.
"He repeatedly made that distinction. That distinction distinguishes Enron from Stoneridge," said Pamela Gilbert, a consultant for the American Association for Justice, the world's largest trial bar association.
"Stoneridge involves a customer relationship. In Enron, the major wrongdoers are the investment banks involved in the financial transactions," Gilbert said.
Related listings
-
Court Upholds NY Judicial Nominee System
Lawyer Blogs 01/17/2008[##_1L|1122958543.jpg|width="120" height="93" alt=""|_##]A U.S. Supreme Court ruling that upholds New York's system of choosing trial judges is likely to renew calls for legislative reform, but even some proponents of change say their chances of succ...
-
Court limits investor suits against 3rd parties
Lawyer Blogs 01/16/2008In a case born of the accounting scandals that rocked the nation in the first half of the decade the Supreme Court Tuesday limited the ability of defrauded investors to sue accountants, bankers and lawyers who may have helped a company commit the fra...
-
MySpace agrees to social-networking safety plan
Lawyer Blogs 01/15/2008MySpace, the country’s largest social-networking Web site, has agreed with attorneys general of 49 states to take new steps to protect children from sexual predators on its site. It also agreed to lead a nationwide effort to develop technology to ver...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .