Enron Recovery Lawsuit Against Banks Over
The long, drawn-out recovery of money from banks connected to the collapse of Enron has finally been brough to an end. The process has seen nearly 30 cents on the dollar recovered for clients which has been described as ‘a terrific recovery’ by one of the lawyers who acted in the case:
Reuters: Exactly eight years after Enron Corp filed for bankruptcy protection, a federal judge has dismissed a lawsuit by investors against banks they accused of helping the energy …
The long, drawn-out recovery of money from banks connected to the collapse of Enron has finally been brough to an end. The process has seen nearly 30 cents on the dollar recovered for clients which has been described as ‘a terrific recovery’ by one of the lawyers who acted in the case:
Reuters: Exactly eight years after Enron Corp filed for bankruptcy protection, a federal judge has dismissed a lawsuit by investors against banks they accused of helping the energy company commit fraud.
Wednesday’s dismissal by U.S. District Judge Melinda Harmon in Houston federal court came after Enron investors had already obtained $7.2 billion of settlements, a record for U.S. class-action litigation according to Cornerstone Research.
Lawyers for the lead plaintiff, the Regents of the University of California, concluded there was no chance to obtain meaningful further recovery in light of court rulings.
“The potential costs would have been tens of millions of dollars to the class to pursue a case that, legally, had ended,” said Patrick Coughlin, a partner at Coughlin Stoia Geller Rudman & Robbins LLP in San Diego who represents the regents, in an interview. “There was no point in continuing.”
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