Enron Class Action Challenged

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.