Court Grants Motions for Summary Judgment of Three Enron Defendants

On Thursday, U.S. District Judge Melinda Harmon dismissed Enron investors’ claims against Credit Suisse Group AG, Barclays Plc and Merrill Lynch for their alleged roles related to the fraud at Enron.  The court granted the three defendants’ motions for summary judgment.

Reuters reports that the judge’s ruling does not affect more than $7 billion in combined settlements that a group of other defendants in the Enron securities class action (including Citigroup and JPMorgan Chase & Co.) previously agreed to pay.  Indeed, as previously discussed here, much of that money has already been distributed.

Trey Davis, a spokesperson for the lead plaintiff in the case, the University of California, stated that “we are naturally disappointed by this latest ruling but will be reviewing it carefully to determine possible next steps in pursuing the case,” Reuters reports.

Read the Reuters article

Read the Court’s 102-page opinion granting the motions for summary judgment (via Am Law Daily)