Post by jannikki on Jul 22, 2006 10:30:27 GMT -4
Court Dismisses Enron Suit Vs. Barclays
Friday July 21, 4:29 pm ET
U.S. Court Dismisses Enron Class Action Against Barclays
BERLIN (AP) -- Barclays PLC said Friday that a U.S. court has dismissed claims against it in a class-action lawsuit brought over its role in the Enron Corp. bankruptcy.
In a short statement, the British bank said it received an order from the U.S. district court for the southern district of Texas, Houston, dismissing claims against Barclays in the so-called Newby litigation, which alleges several banks helped Enron misrepresent its earnings and revenue.
Barclays is one of several financial companies named in the class action brought by shareholders in the collapsed energy company. The Houston energy company declared bankruptcy in 2001, in one of the largest corporate collapses in U.S. history.
Barclays didn't give the court's reason for the dismissal of the case.
The court order will end the Newby litigation for Barclays unless plaintiffs, including the University of California, successfully challenge it, the bank said.
There are still a number of Enron-related lawsuits against Barclays including the bankruptcy case.
Several U.S. banks, including Citigroup and JPMorgan Chase & Co. have already made settlements.
Barclays' American Depositary Shares fell 52 cents, or 1.2 percent, to close at $44.73 Friday on the New York Stock Exchange.
biz.yahoo.com/ap/060721/enron_barclays.html?.v=2
Friday July 21, 4:29 pm ET
U.S. Court Dismisses Enron Class Action Against Barclays
BERLIN (AP) -- Barclays PLC said Friday that a U.S. court has dismissed claims against it in a class-action lawsuit brought over its role in the Enron Corp. bankruptcy.
In a short statement, the British bank said it received an order from the U.S. district court for the southern district of Texas, Houston, dismissing claims against Barclays in the so-called Newby litigation, which alleges several banks helped Enron misrepresent its earnings and revenue.
Barclays is one of several financial companies named in the class action brought by shareholders in the collapsed energy company. The Houston energy company declared bankruptcy in 2001, in one of the largest corporate collapses in U.S. history.
Barclays didn't give the court's reason for the dismissal of the case.
The court order will end the Newby litigation for Barclays unless plaintiffs, including the University of California, successfully challenge it, the bank said.
There are still a number of Enron-related lawsuits against Barclays including the bankruptcy case.
Several U.S. banks, including Citigroup and JPMorgan Chase & Co. have already made settlements.
Barclays' American Depositary Shares fell 52 cents, or 1.2 percent, to close at $44.73 Friday on the New York Stock Exchange.
biz.yahoo.com/ap/060721/enron_barclays.html?.v=2