Complaint Against Enron Underwriters Is Dismissed

Law360, New York (July 10, 2007, 12:00 AM EDT) -- A judge on Monday dismissed an adversary proceeding against several underwriters of bankrupt energy company Enron Corp., ending litigation over letters of credit that has dragged on for over four years.

WestLB AG, a German bank formerly known as Westdeutsche Landesbank Girozentale, first initiated the adversary proceeding in February 2003 against several financial institutions underwriting Enron, including TPS McAdams LLC and Quachita Power LLC.

The original claims of “direct fraud” were dismissed in June 2006, but WestLB was given leave to replead them. By October 2006,...
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