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Arthur Andersen to Pay $73M In Enron Deal
Court Watch |
2007/03/13 15:25
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A US federal judge has approved a settlement under which Arthur Andersen will pay $72.5 million to investors who sued the firm for its involvement in the Enron scandal. US District Judge Melinda Harmon signed an order approving the settlement, ending the former accounting giant's involvement in a $40 billion class action lawsuit.
The University of California Board of Regents is the main plaintiff in the case and has already received over $7.3 billion from JPMorgan Chase, Citigroup and the Canadian Imperial Bank of Commerce. Merrill Lynch and Credit Suisse Group were also sued in the case, but they are seeking a ruling that the case should never have been certified as a class action.The US Supreme Court overturned a 2002 obstruction of justice conviction against Arthur Andersen for its involvement in the fallout of Enron, but the ruling did not come in time to save the accounting firm which is no longer in operation. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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