Nigerian Barge Case Grounds DOJ On Appeal

Law360, New York (August 2, 2006, 12:00 AM EDT) -- A federal appeals court has largely overturned the convictions of four Merrill Lynch & Co. executives who were accused by the government of participating in a conspiracy to defraud Enron Corp. shareholders in the so-called Nigerian barge deal.

In a decision reached Tuesday, a panel of the Fifth U.S. Appeals Court ruled that the government’s honest-services theory of wire fraud did not extend to this particular case.

The wire fraud and conspiracy convictions of Daniel Bayly, head of Merrill’s Global Investment Banking division; Robert Furst, a...
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