Tuesday, February 6, 2007
Merrill Lynch and Credit Suisse argued yesterday before the 5th Circuit Court of Appeals that the Enron class action suit was improperly certified as a class-action. It also argued that it could not be liable for securities fraud because it was not a direct participant in the fraud. The trial is set for April. See NY Times, Banks Appeal Ruling Allowing Enron Investors to Sue as Class.