5th Circ. Won't Revive UBS Win In 17-Year-Old Enron Info Suit
Law360 (May 24, 2019, 10:56 PM EDT) -- The Fifth Circuit declined Friday to revive a proposed class action alleging UBS AG units could have done more to warn of Enron's infamous fraud scheme, finding that the investors failed to allege the entities had material, nonpublic knowledge to disclose and a duty to do so.
In an unanimous decision penned by U.S. Circuit Judge Patrick E. Higginbotham, the panel shot down the investors' contentions they were cheated when a UBS-related PaineWebber broker unit didn't warn them of inside information about Enron's book-cooking from fellow UBS investment banking unit Warburg, ruling that, among other things, the investors failed to show that...
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