NEWS> Enron Shareholder's Suit
- From: Gleason Sackmann <gleason@xxxxxxxxxxxxxxx>
- To: NetHappenings <nethappenings@xxxxxxxxxxxxx>
- Date: Tue, 11 Feb 2003 07:26:03 -0600
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Net Happenings - From Educational CyberPlayGround
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From: "David P. Dillard" <jwne@xxxxxxxxxxxxxxxxxxxxx>
Sent: Mon, 10 Feb 2003 19:26:20 -0500 (EST)
Let us not forget that corporate fraud cases like the cases surronding
Enron and friends are far from over.
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The Enron Shareholders' Suit:
A Tale of Two Law Firms, One Dismissed and One Still A Defendant
By ANTHONY J. SEBOK
tsebok@xxxxxxxxxxx
Monday, Feb. 10, 2003
<http://writ.news.findlaw.com/sebok/20030210.html>
In my last column on the shareholders' suit against Enron and other
defendants, I described an important ruling by Judge Melanie Harmon. In
her ruling, Judge Harmon expanded the scope of federal law on securities
fraud, in order to keep secondary actors--such as the law firms and
accountants that helped Enron--on the hook.
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The Securities and Exchange Commission had argued, in effect, that a law
or accounting firm can be found to have committed a "primary" direct harm
if it can be shown that the it "made" the misrepresentation upon which the
victim relied. Judge Harmon agreed.
Obviously, Judge Harmon's ruling on this point was helpful to the
plaintiffs, in that she held that in principle, lawyers and accountants
can be held liable to private parties for securities fraud. Nevertheless,
her application of that principle in practice still did not give the
plaintiffs everything they wanted.
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Full Story May Be Read at the URL Above.
Sincerely,
David Dillard Research Librarian
david@xxxxxxxxxxxxxxx
ECP RingLeader
http://www.edu-cyberpg.com/ringleaders/davidd.html
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxxxxxxxx
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