The AP reports shareholders asked the Supreme Court to review a ruling by the 5th U.S. Circuit Court of Appeals reversing a lower court decision that the case could be pursued as a class action. The decision has put the case on hold, which the district court said could proceed in April (See Enron Investors’ Suit Against Merrill and Credit Suisse to Move Forward ).
Attorneys general from 30 states have sided with Enron shareholders in their bid for a class action, the AP said.
So far Enron plaintiffs have recouped $7.3 billion in cases against the company. Besides Merrill Lynch, Credit Suisse and Barclays, the remaining defendants include several former Enron officers, including Jeff Skilling, the chief executive; Richard Causey, chief accounting officer; Richard Buy, chief risk officer; Jeff McMahon, treasurer; and Mark Koenig, executive vice president of investor relations, according to the AP.
The case is University of California Regents v. Merrill Lynch, 06-1341.