January 22, 2008
Supreme Court Denies Cert in Enron Case
For those who had some hope that the Supreme Court's Stoneridge opinion would allow an opportunity to distinguish Enron because the defendants in the latter case are investment bankers and the transactions thus were not the "ordinary" commercial transactions involved in Stoneridge, read it and weep: the Court denied cert this morning in Regents of University of California v. Merrill Lynch (Docket No. 06-1341). This was the Fifth Circuit opinion that held that the investment bankers who advised Enron on various transactions could not be held liable based on "scheme liability."
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