Enron Class-Action Trial Bumped to 2006

Get used to the word Enron, it is here to stay for some time to come. As criminal cases wind their way through the courts, the trial for the class-action lawsuit filed by former employees and shareholders has been postponed again—this time to 2006.

U.S. District Judge Melinda Harmon set an Oct. 16, 2006 trial date this week, which is the third time a trial date has been set. Harmon was overly optimistic back in 2002 when she set a 2003 trial date to deal with the thousands of claims filed in 2001. The 2003 date was later postponed to 2005 and now to 2006.

According to the Houston Chronicle, the enormous number of depositions to be taken and discovery to be filed is delaying the case. She has ordered 18 months of fast discovery, the Chronicle reported.

The judge and attorneys involved in the case expect that the lion’s share of it will be settled prior to trial. Both sides expect settlement to be more likely once more evidence is available to review.

As part of the Enron-related $40 million settlement with now-defunct Arthur Andersen, $15 million was set aside to pay the legal fees of plaintiffs in the class-action suit, the chronicle reported.

The Houston-based Enron imploded in 2001, taking with it the savings and jobs of many of its employees and investors who had put all their money into what was once the seventh largest company in America.

You may like these other stories...

Starting in January 2015, the IRS will limit the number of refunds that are electronically deposited into a single financial account or pre-paid debit card to three, as part of the agency’s effort to crack down on...
House proposes $10.5B, eight-month highway billThe House Ways and Means Committee proposed a transportation funding bill on Tuesday that calls for a temporary extension of current transportation funding levels until May 31,...
Swiss banks threaten freeze on US accounts over tax evasionJames Shotter of the Financial Times reported on Monday that several Swiss banks have threatened to freeze American clients’ accounts unless they prove they...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.