IN RE ENRON CORP. SECURITIES

No. 07-20051.

535 F.3d 325 (2008)

IN RE ENRON CORPORATION SECURITIES, Derivative & ERISA Litigation MDL-1446. Mark Newby, et al., Plaintiffs, v. Enron Corporation, et al., Defendants. Peggy Odam, Individually and as Trustee for the Kurtz Family Trust, Plaintiff-Appellant, v. Arthur Andersen, LLP; Thomas H. Bauer; Joseph F. Beradino; Debra A. Cash; David B. Duncan; James A. Friedlieb; D. Stephen Goddard, Jr.; Gary B. Goolsby; Michael M. Lowther; Michael C. Odom; Roger Willard; Richard B. Buy; Richard Causey; Andrew S. Fastow; Ben Glisan; Kevin Hannon; Ken L. Harrison; Joseph M. Hirko; Kevin Howard; Mark E. Koenig; Michael J. Kopper; Estate of Kenneth L. Lay; Jeffrey McMahon; Kristina Mourdaunt; Lou Pai; Paulo V. Ferraz Pereira; Kenneth D. Rice; Jeffrey K. Skilling; John Wakeham; F. Scott Yeager; Daniel Boyle; JP Morgan Chase & Co.; JP Morgan Securities, Inc.; J.P. Morgan Chase Bank; Credit Suisse First Boston, Inc.; Credit Suisse First Boston USA, Inc.; Credit Suisse First Boston, LLC; Campsie, Ltd.; Chase Securities, Inc.; Citibank, NA; Citicorp; Citicorp Global Markets, Ltd.; Citicorp North America, Inc.; Citicorp Global Markets, Inc.; Citigroup, Inc.; National Westminister Bank, PLC; RBC Dominion Securities Corp.; RBC Dominion Securities, Inc.; RBC Dominion Securities, Ltd.; RBC Holdings USA, Inc.; Royal Bank DS Holding, Inc.; Royal Bank Holding, Inc.; Royal Bank of Canada; The Royal Bank of Scotland Group, PLC; Greenwich Natwest, Ltd.; Greenwich Natwest Structured Finance, Inc.; Citicorp North Pershing, LLC; Canadian Imperial Bank of Commerce; CIBC, Inc.; CIBC World Markets Corp.; Merrill Lynch Pierce Fenner & Smith, Inc.; Bank of America Corp.; Bank of America, NA; Banc of America Securities, LLC; Barclays, PLC; Barclays Bank, PLC; Lehman Brothers Holdings, Inc.; Lehman Brothers, Inc.; Daniel H. Bayly; James A. Brown; Robert S. Furst; William Fuhs; Schuyler Tilney, Defendants-Appellees. David Jose; James Brister; Peter Maxfield; George Atallah, Plaintiffs-Appellants, v. Arthur Andersen, LLP; D. Stephen Goddard, Jr.; David B. Duncan; Debra A. Cash; Roger Willard; Thomas H. Bauer; Andrew S. Fastow; Kenneth L. Lay; Jeffrey K. Skilling; Richard B. Buy; Richard Causey; Ken L. Harrison; Michael J. Kopper; Lou Pai; Paulo V. Ferraz Pereira; John Wakeham; Ben Glisan; Kristina Mourdaunt; Michael C. Odom; Gary B. Goolsby; Michael M. Lowther; The Financial Institutions, Defendants-Appellees. Richard Choucroun; Michael Kalil; P.J. Ellison Kalil; Carl Bridges; Roger W. Powell; Roger W. Powell IRA Rollover, under the Trust of Charles Schwab, Inc.; Powell Enchanted Oaks, Ltd., Plaintiffs-Appellants, v. Arthur Andersen, LLP; D. Stephen Goddard, Jr.; David B. Duncan; Debra A. Cash; Roger Willard; Thomas H. Bauer; Andrew S. Fastow; Kenneth L. Lay; Jeffrey J. Skilling; The Financial Institutions, Defendants-Appellees. Mary Bain Pearson; John Mason, Plaintiffs-Appellants, v. Andrew S. Fastow; Jeffrey J. Skilling; Kenneth L. Lay; Richard B. Buy; Richard Causey; Ronnie C. Chan; Ken L. Harrison; Michael J. Kopper; Paul V. Ferraz Pereira; John Wakeham; Ben Glisan; Kristina Mourdaunt; D. Stephen Goddard, Jr.; The Financial Institutions, Defendants-Appellees. Fred A. Rosen; Marian Rosen; Larry D. Barnett; Robert Chazen; Clifford D. Gookin, Trustee for the Clifford D. Gookin Revocable Living Trust; Carl Herrin; Todd L. Johnson, Administrator for RJS & Affiliated Companies Pension Plan; Robin Saex; John Siemer, Trustee FBO The Siemer Family Trust; Elizabeth Siemer, Trustee FBO The Siemer Family Trust; John E. Williams; Lee Ann Tobin, Personal Representative of the Estate of Anthony Tobin, Plaintiffs-Appellants, v. Andrew S. Fastow; Kenneth L. Lay; Jeffrey J. Skilling; Richard B. Buy; Richard Causey; Ken L. Harrison; Michael J. Kopper; Lou Pai; Paulo V. Ferraz Pereira; John Wakeham; Ben Glisan; Kristina Mordaunt; D. Stephen Goddard, Jr.; David B. Duncan; Debra A. Cash; Roger Willard; Thomas H. Bauer; Arthur Andersen, LLP; The Financial Institutions, Defendants-Appellees. Harold Ahlich; Frances Ahlich; John Banks; Ida Banks; Nancy Bell; Bill Bragdon; Rhonda Bragdon; Bruce Campbell; Janet Campell; Vincent Carrella; Marianne Carrella; Louis Carucci; Patrick Cunningham; James Davidson; Karen Davidson; John Davis; Peter Dorflinger; Ronald Gish; Johanne Graham; John Gutman; David Huckin; Edward Japhe; Michael Krehel; John Neighbors; Jean Neighbors; William Powell; Samuel Reiner; Lillian Reiner; Henritta Rowe; Ralph Shapiro; Jean Shapiro; Constance Theodore; George Venters; Nickye Venters; Peter Veruki; Christopher Rowe; Chris Babson, Co-Executor of the Estate of Irving Babson; Stacey Babson, Co-Executor of the Estate of Irving Babson; Jennie Lutz, Personal Representative of the Estate of Paul Lutz, Plaintiffs-Appellants, v. Arthur Andersen, LLP; D. Stephen Goddard, Jr.; David B. Duncan; Debra A. Cash; Roger Willard; Thomas H. Bauer; Andrew S. Fastow; Kenneth L. Lay; Jeffrey J. Skilling; Richard B. Buy; Richard Causey; Ken L. Harrison; Michael J. Kopper; Lou Pai; Paulo V. Ferraz Pereira; John Wakeham; Ben Glisan; Kristina Mourdaunt; The Financial Institutions, Defendants-Appellees. Ruben Delgado; Irene Delgado; Apolonio Baca; Robert H. Baker, On behalf of the Brookdale Baker Limited Family Partnership; David F. Bitonti; Edwin C. Broun, III; Caroline Callery; Bonnie Cooksey; Louis J. Daleo, On behalf of Loumar Limited a Partnership; Ken Davis; Jeffrey W. Elliot; Donna L. Gagliardi; Louis Gordon; Joel Grossman; Jaime Grossman; Douglas C. Hause; Rietta Huthmacher; Joan Ischinger; George Jeffords; Kenneth H. Jones, On behalf of Marianne Jones; Emily Kemper; Alan Levin; Diane Levin; Sylvia H. Lohman; David P. Matthews; Ken J. McCall; Mary Faye McCall; Lance Miller; Barbara Miller; Edward O'Rourke; Kathryn O'Rourke; Frank Pargac; Debra Pargac; Alex Pezdek; Arlene Rawitscher; John B. Bowe; Jeffrey E. Shainock; Robert Tilotta; Thomas Tosoni; Bill W. Vernon; Shaun Wymes; Nancy Bell, Personal Representative of the Estate of Howard Earl Bell, Plaintiffs-Appellants, v. Andrew S. Fastow; Kenneth L. Lay; Jeffrey J. Skilling; Richard B. Buy; Richard Causey; Ken L. Harrison; Michael J. Kopper; Paulo V. Ferraz Pereira; John Wakeham; Ben Glisan Kristina Mourdaunt; D. Stephen Goddard, Jr.; David Duncan; Arthur Andersen LLP; Lou L. Pai; The Financial Institutions, Defendants-Appellees. Don L. Guy, Trustee for the Guy Family Living Trust; Jack Manning; Sue Manning; Mary H. Pearson; Curtis D. Robert; Greg Swindensky; Barry M. Wuntch; Dorothy Zeigfinger; Harold Zeigfinger, Co-Trustees Harold & Dorothy Zeigfinger Family Trust; Charles H. Adderhold; Arnold Greenberg; Regan Yardley; Harold Spears; Suzanne C. Spears; Lenora Hartmann; Joseph Hamer; Patricia A. Thomas; Alfred Urbanek; Adrienne Samuels; Robert Herzberg; Frances R. Mattingly; George J. Cooke; Debra C. Levenson; Willis Bartak; Joyce W. Richardson; Jim Bemis; Rosanna Kaar; William P. Todsen; Joseph Tennaro; Theodore A. Marciniak; Martin Kay; Judith Kaye, Trustee for the Kaye Family Trust; Stanley Jack Abrams, Lawrence P. Treadwell; Thomas J. Regan; Martha Sears, Personal Representative of the Estate of Kaylor Wilkins, Plaintiffs-Appellants, v. Arthur Andersen, LLP; Thomas H. Bauer; Michael L. Bennett; Joseph F. Beradino; Debra A. Cash; David B. Duncan; James A. Friedlieb; D. Stephen Goddard, Jr.; Gary B. Goolsby; Gregory W. Hale; Michael M. Lowther; Michael C. Odom; Roger Willard; Richard B. Buy; Richard Causey; Andrew S. Fastow; Ben Glisan; Kevin Hannon; Ken L. Harrison; Joseph M. Hirko; Stanley C. Horton; Kevin A. Howard; Michael J. Kopper; Kenneth L. Lay; Jeff McMahon; Kristina Mourdaunt; Lou Pai; Kenneth D. Rice; Jeffrey K. Skilling; John Wakeham; Paulo V. Ferraz Pereira; F. Scott Yeager; The Financial Institutions, Defendants-Appellees. Cynthia L. Adams; Courtney L. Allen; Maria M. Altinger; Susan L. Davis; Wilda B. Davis; Mary Ann Fisher; Ruth E. Flournoy; Frank W. Gerold; Frank W. Gerold, On Behalf of the Estate of Patricia M. Gerold; Dorothy L. Pierce; Douglas P. Pierce; Gerald E. Sedlacek; Jeanette A. Sedlacek; Carl Tragesser; Robert F. Wohlfarth; Ernest J. Schwartz; Edith Schwartz; Vern C. Smith; Nancy S. Robertson; George Fraser; Maurine D. Fraser; Jacob J. Tamborello; Phyllis F. Tamborello; John W. Peterson; Carolyn Jane Peterson; William E. Tolson; Richard F. Miller; Peter Jennings; Stephen Jennings; Linda Jennings, Trustees for the Stephen and Linda Jennings Trust; Stephen O. Jennings, Trustee for the Susan Trust; Leroy W. Pickens; John A. Tuthill; Thomas K. Huiskamp; Robert W. Sloan; George Cauble, Jr., Doctor; Arun Misra; Jay Misra; Clyde Carpenter; Carolyn Carpenter, Plaintiffs-Appellants, v. Arthur Andersen, LLP; Thomas H. Bauer; Michael L. Bennett; Joseph F. Berardino; Debra A. Cash; David B. Duncan; James A. Friedlieb; D. Stephen Goddard, Jr.; Gary B. Goolsby; Gregory W. Hale; Michael M. Lowther; Michael C. Odom; Roger Willard; Richard B. Buy; Richard Causey; Andrew S. Fastow; Ben Glisan; Kevin Hannon; Ken L. Harrison; Joseph M. Hirko; Stanley C. Horton; Kevin A. Howard; Michael J. Kopper; Kenneth L. Lay; Jeff McMahon; Kristina Mourdaunt; Lou Pai; Paulo V. Ferraz Pereira; Kenneth D. Rice; Jeffrey K. Skilling; John Wakeham; F. Scott Yeager; The Financial Institutions, Defendants-Appellees. Jane Bullock; John Barnhill; Jane Barnhill; Robert Moran; Milton Tate, Co-Trustees for Moorman, Tate, Moorman & Urquhart Money Purchase Plan and Trust; Sudie Stark; Delberth H. Stark, Jr.; Leon Toubin; Barnhill-Newman; Hal Moorman, Co-Trustees for Moorman, Tate, Moorman & Urquhart Money Purchase Plan and Trust; Robert Stark, M.D.; Henry Boehm, M.D.; Marvalyn Reiland, Personal Representative of Donald Reiland's Estate, Plaintiffs-Appellants, v. Arthur Andersen, LLP; D. Stephen Goddard, Jr.; Debra A. Cash; Roger Willard; Thomas H. Bauer; David B. Duncan; Andrew S. Fastow; Kenneth L. Lay; Jeffrey K. Skilling; The Finanical Institutions, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

July 10, 2008.


Attorney(s) appearing for the Case

Gregory Sean Jez, Sylvia Gerald Davidow, Fleming & Associates, Houston, TX, Jonathan Standish Massey, Bethesda, MD, for Plaintiffs-Appellants.

Eliot Lauer, Curtis, Mallet-Prevost, Colt & Mosle, Bruce D. Angiolillo, Thomas C. Rice, David J. Woll, Jonathan K. Youngwood, Simpson, Thacher & Bartlett, LLP, Richard W. Clary, Julie A. North, Cravath, Swaine & Moore, Lee A. Armstrong, Robert C. Micheletto, Jones Day, Brad S. Karp, Paul, Weiss, Rifkind, Wharton & Garrison, Michael Steven Shuster, David G. Hille, Kasowitz, Benson, Torres & Friedman, Michael James McNamara, Mark David Kotwick, Seward & Kissell, Adam S. Jakki, Shearman & Sterling, Gregory A. Markel, Ronit Setton, Cadwalader, Wickersham & Taft, Jeffrey T. Scott, David H. Braff, Marc De Leeuw, Michael T. Tomaino, Sullivan & Cromwell, New York City, George William Shepherd, Billy Jack Shepherd, Cruse, Scott, Henderson & Allen, Barry Grattan Flynn, Flynn & Thayer, Russell Hardin, Jr., Rusty Hardin & Associates, Carl Robert Mace, Tekell, Book, Matthews & Limmer, Craig Smyser, Smyser, Kaplan & Veselka, Jessica Lynne Wilson, Jack C. Nickens, Nickens, Keeton, Lawless, Farrell & Flack, Lawrence David Finder, Odean L. Volker, Haynes & Boone, Jacalyn D. Scott, Wilshire, Scott & Dyer, Claude L. Stuart, III, Phelps Dunbar, Charles G, King, III, King & Pennington, Barry Abrams, Abrams, Scott & Bickley, Clayton C. Cannon, Stumpf, Craddock, Massey & Farrimond, Jeremy Leon Doyle, Gibbs & Bruns, Eric J.R. Nichols, Thomas R. McDade, Beck, Redden & Secrest, Robert Hayden Burns, Liskow & Lewis, Houston, TX, Thomas Kirkendall, Law Offices of Tom Kirkendall, The Woodlands, TX, Reid Mason Figel, Kellogg, Huber, Hansen, Todd, Evans & Figel, PLLC, Philip Inglima, Crowell & Moring, Deborah J. Jeffrey, Zuckerman Spaeder, Victor Tabak, Miller & Chevalier, Amy Berman Jackson, Trout & Richards, Robert Michael Stern, O'Melveny & Myers, Gary A. Orseck, Robbins, Russell, Englert, Orseck & Untereiner, Washington, DC, Barnes H. Ellis, Stoel & Rives, Portland, OR, John M. Newman, David F. Adler, Jones Day, Cleveland, OH, Alicia A. Pell, Latham & Watkins, Los Angeles, CA, Amelia Toy Rudolph, Sutherland, Asbill & Brennan, Atlanta, GA, James E. Coleman, Jr., Carrington, Coleman, Sloman & Blumenthal, Dallas, TX, for Defendants-Appellees.

Before GARZA, STEWART and DENNIS, Circuit Judges.


EMILIO M. GARZA, Circuit Judge:

This appeal involves ten cases ("Fleming" cases)1 arising from the collapse of the Enron Corporation ("Enron"). Plaintiffs-Appellants ("Fleming" plaintiffs) are former Enron investors. Defendants-Appellees ("Anderson" defendants) include former Enron management, Enron's former accounting firm, various partners of that accounting firm named in their individual capacities...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases