BusinessBusiness RecoverySEC backs investors suing Enron

SEC backs investors suing Enron

Some 30 US states join class action suite against bankers involved with Enron

The US securities regulator will support investors who want to sue the
bankers that allegedly helped Enron
commit fraud.

In a lawsuit valued at US$40bn, shareholders will argue that banking groups
Merrill Lynch, Barclays and Credit Suisse Group were as responsible for the
accounting fraud as Enron.

The US solicitor general, representing government in the Supreme Court case,
has been asked by
the Securities
and Exchange Commission
 to file a supporting brief to the court, the
Washington Post reported.

Although a federal appeals court in New Orleans
decided in March that shareholders could not proceed with a class action suite,
about 30 other states have joined investors.

The case is set to begin in October.

Further reading:

Report:
SEC is supporting Enron shareholders in high court case

SEC hails Enron verdict 

Canadian bank pays £45m to settle Enron case 

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

4d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

4d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor