Enron Shareholders Drop Suit Against Banks

Law360, New York (December 3, 2009, 4:43 PM EST) -- A group of former Enron Corp. shareholders led by the University of California Board of Regents has dropped securities fraud allegations against the remaining defendants in a suit that garnered a $7.2 billion settlement, the largest recovery ever in a class action.

Judge Melinda Harmon of the U.S. District Court for the Southern District of Texas on Wednesday issued a final judgment dismissing the suit with prejudice against the remaining defendants, which included Enron securities underwriters, Bank of America NA unit Merrill Lynch & Co. Inc.,...
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