Court: No class-action in Enron suit |
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Mon, 19 Mar 2007 21:34
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NEW ORLEANS (AP) - 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 a ruling by U.S. District Judge Melinda Harmon in Houston, who had said shareholders could sue as a class.'As we have recognized, class certification may be the backbreaking decision that places `insurmountable pressure' on a defendant to settle, even when the defendant has a good chance of succeeding on the merits,' the 5th Circuit opinion said.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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