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Enron Broadband CEO sentenced to 27 months in plea deal
Court Watch |
2007/06/19 09:29
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| Former Enron broadband division chief Kennith Rice was sentenced to 27 months in prison Monday and ordered to forfeit almost $15 million as part of a plea deal with prosecutors for his testimony against former Enron CEO Jeffrey Skilling and company founder Kenneth Lay . As CEO of Enron Broadband Services (EBS), Rice made numerous false statements about technology developments designed to mislead investors and artificially inflate the company's stock price. Without the plea deal, Rice faced up to 10 years in prison for his actions. Earlier this month, former EBS Chief Operating Officer Kevin Hannon was sentenced to two years in prison and fined $125,000 for defrauding investors. Hannon also was sentenced subject to a plea deal, but was convicted of lesser crimes and was facing a maximum of 5 years in prison. |
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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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