{"id":4394,"date":"2007-04-12T01:48:34","date_gmt":"2007-04-12T01:48:34","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/04\/enron_shareholders_want_the_us_1"},"modified":"2022-03-25T14:45:11","modified_gmt":"2022-03-25T19:45:11","slug":"enron-shareholders-want-the-us-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/enron-shareholders-want-the-us-1\/","title":{"rendered":"Enron Shareholders Want The U.S. Supreme Court to Review 5th Circuit Certification Decision"},"content":{"rendered":"<p>\t\t\t\tThe Enron Corp. shareholders that are suing three big investment banks for their alleged roles in helping Enron hide its failing financial position have petitioned the U.S. Supreme Court to look at a ruling made by the U.S. Court of Appeals for the Fifth Circuit that reverses the certification of a single plaintiff case. The court had ruled on March 19 that while Enron had a duty to its shareholders, banks do not. <\/p>\n<p>The appeals court concluded that the plaintiffs did not have a right to a presumption of reliance on the banks&#8217; failure to reveal their alleged participation in the Enron controversy. It also ruled that the plaintiffs do not have a right to the presumption of reliance afforded by the &#8220;fraud-on-the-market&#8221; concept.<\/p>\n<p>In their certiorari petition, filed by the University of California Regents on behalf of Enron shareholders, the plaintiffs say that the Supreme Court needs to review the case to resolve a &#8220;clear conflict&#8221; in the circuits and lower courts about the meaning of so-called &#8220;scheme liability.&#8221; They also said that the appeals court decision was not correct.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/enron-shareholders-want-the-us-1\/\"  title=\"Continue Reading Enron Shareholders Want The U.S. Supreme Court to Review 5th Circuit Certification Decision\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Enron Corp. shareholders that are suing three big investment banks for their alleged roles in helping Enron hide its failing financial position have petitioned the U.S. Supreme Court to look at a ruling made by the U.S. Court of Appeals for the Fifth Circuit that reverses the certification of a single plaintiff case. The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3809],"tags":[],"class_list":["post-4394","post","type-post","status-publish","format-standard","hentry","category-enron"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Enron Shareholders Want The U.S. Supreme Court to Review 5th Circuit Certification Decision &#8212; Investor Lawyers Blog &#8212; April 12, 2007<\/title>\n<meta name=\"description\" content=\"The Enron Corp. shareholders that are suing three big investment banks for their alleged roles in helping Enron hide its failing financial position have &#8212; April 12, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/enron-shareholders-want-the-us-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Enron Shareholders Want The U.S. Supreme Court to Review 5th Circuit Certification Decision &#8212; 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