Stoneridge Precedent Sinks Cert Bid For Enron Case

Law360, New York (January 22, 2008, 12:00 AM EST) -- In light of its recent decision regarding scheme liability, the U.S. Supreme Court on Tuesday refused to revive a $40 billion class action that accused several prominent investment banks of falsely inflating the stock value of Enron Corp.

The court denied a petition for writ of certiorari filed by the Regents of the University of California, which accused Merrill Lynch & Co., Barclays PLC and Credit Suisse First Boston LLC of participating in a “scheme” to aid Enron in its corporate malfeasance.

The denial followed the...
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