Will even ENRON get off the hook? - Democratic Underground

Jeffersons Ghost

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Thu Jan-17-08 01:46 PM
Original message

Will even ENRON get off the hook?

Edited on Thu Jan-17-08 01:48 PM by Jeffersons Ghost

Lifting the Lid-U.S. investor lawyers regroup after court loss

Reuters Wednesday January 16 2008

By Martha Graybow

NEW YORK, Jan 16 (Reuters) - Shareholders who sue companies for fraud have been dealt a blow by the U.S. Supreme Court, but that doesn't mean their lawyers plan to slow down the pursuit of new cases against corporate America -- including those spurred by the mortgage market meltdown...

"This is the latest in a string of decisions that are clearly more favorable to the business interests and the business community in their desire to avoid accountability for their conduct," said Steven Toll, head of the securities practice at plaintiffs' law firm Cohen, Milstein, Hausfeld & Toll in Washington, D.C...

It's not clear how far-reaching the ruling will be, but one of the biggest corporate fraud cases now pending -- a lawsuit brought by Enron investors against a group of investment banks -- could be over following the ruling.

"The approach taken is totally antithetical to the interests of investors,"

In a 5-3 vote, conservative judges on the Supreme Court sided with big business to curb investors' ability to sue outside parties in a case involving shareholders of cable provider Charter Communications against vendors that worked with the company.

http://www.guardian.co.uk/feedarticle?id=7231518
(Editing by Phil Berlowitz

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Blue_In_AK

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Thu Jan-17-08 01:48 PM
Response to Original message

1. Not surprising...

We're fucked.

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Jeffersons Ghost

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Thu Jan-17-08 02:46 PM
Response to Reply #1

3. not exactly...

It's not politically correct to write it that way. In the interest of accuracy: "We're Screwed!"

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Blue_In_AK

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Thu Jan-17-08 03:31 PM
Response to Reply #3

5. Gotcha!

We old hippies are not always politically correct. :) We are SO screwed.

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peacetalksforall

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Thu Jan-17-08 02:38 PM
Response to Original message

2. So Cheney has a perfect score from his buddies on the Court?

Edited on Thu Jan-17-08 02:39 PM by higher class

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Jeffersons Ghost

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Fri Jan-18-08 11:21 AM
Response to Reply #2

6. perfection is a wonderful thing...

I was at the VA Hospital the other day and I'm sick of seeing his "perfect" smirk in the picture of him in the main lobby. I'll be glad when he's gone. It's a shame the legacy of his policies will linger on for generations.

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CorpGovActivist

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Thu Jan-17-08 03:24 PM
Response to Original message

4. This Is Vitally Important K&R

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Jeffersons Ghost

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Fri Jan-18-08 01:29 PM
Response to Reply #4

7. THANKS FOR SAYING SO...

Edited on Fri Jan-18-08 01:30 PM by Jeffersons Ghost

All nominations are appreciated but it's almost too late to make the greatest page... OPs vanish quickly on this board, if not closely watched.

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