UC Hopes to Lead Class Action Suit Against Andersen, Enron

Posted by accountingweb on Dec 25 2001 432 printer friendly

The University of California (UC), the nation's largest university system, has announced plans to join a class action suit against 29 senior executives of the failed Enron Corp. and Big Five accounting firm Andersen.

The University claims it lost $145 million in Enron's collapse and seeks to be the lead plaintiff in the class action suit. UC and other plaintiffs claim Enron senior management misled them by filing false financial statements.

Should UC join the suit as the lead plaintiff, the University would be in a position to participate in the management and oversight of the litigation on behalf of the entire class. UC has asked that its lawyers, Milberg Weiss Bershad Hynes & Lerach LLP, be named as counsel for the class.

The suit asks for a refund of at least $1.1 billion on behalf of all plaintiffs as well as compensatory damages.

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