Enron Investors Banking on Supreme Court

[flashl]

Enron Investors Banking on High Court

The hopes of Enron investors are riding on a Supreme Court case that may be the last chance at compensation for their losses when the scandal-ridden energy company collapsed.

Much of corporate America has jumped into the court fight, arguing that shareholders in companies that commit securities fraud should not be allowed to sue banks, accountants, law firms and suppliers that allegedly participated in the fraud.

Allowing investors to file class-action lawsuits in such cases would "threaten the safety and soundness of individual financial institutions and the nation's banking system," a coalition of business groups, including the American Bankers Association, said in court papers.

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"The banks orchestrated the fraud; they weren't sideline viewers," said Patrick Coughlin, the lead lawyer for Enron shareholders. "So when the question comes up about who should be on the hook for Enron, it's the banks."
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[LiberalFighter]

1. At least banks, accountants and law firms have a fidicuary duty

They have access to the accounting and should know when it don't smell right.

[flashl]

2. Was any blame placed on Anderson??? n/t