Mark Anderson of The Wall Street Journal reports today that the United Supreme Court has agreed to hear an appeal of a decision by the United States Court of Appeals for the Fifth Circuit in a class action by Enron investors against numerous Wall Street firms, “striking a fatal blow against the class-action investor lawsuit.” Mr. Anderson notes that the High Court’s refusal to hear the class action appeal comes one week after the Court’s seminal decision in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., ___ U.S. ___, 2008 WL 123801 (January 15, 2008), a summary of which may be found here. Mr. Anderson further notes that the ruling “is an indication that the High Court doesn’t believe the Enron suit met the standards set in the _Stoneridge_ ruling for securities class-action lawsuits to proceed.”
Mark Anderson’s article, entitled “Supreme Court Declines Suit Brought by Enron Investors,” may be found online and was posted January 22, 2008 on The Wall Street Journal.Online.
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