The University of California filed a petition today with the U.S. Supreme Court that seeks to revive a class-action shareholder lawsuit related to the collapse of the Enron Corporation. A federal court in March halted the university’s pursuit of several banks whose transactions with Enron, the lawsuit said, had helped make the energy corporation seem more sound than it really was in the years before it collapsed, in 2001. The university is leading the lawsuit because of its large former holdings in the company — its endowment and pension plan lost $145-million on Enron investments. The university has secured $7.3-billion in settlements that are to be shared by an estimated 50,000 investors. —Paul Fain
April 5, 2007
U. of California Appeals Enron Lawsuit to U.S. Supreme Court
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