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Enron Investors Lose Bid to Tap Banks

February 28, 2003|From Bloomberg News

A New York bankruptcy judge rejected an attempt by Enron Corp. shareholders to increase the liability of Citigroup Inc., J.P. Morgan Chase & Co. and other banks sued over the energy firm's collapse.

Shareholders asked the judge to let them proceed with their suit against Enron, which has been shielded from litigation in its bankruptcy filing.

Under securities law, if a jury finds Enron liable and it can't pay, banks may have to pay more in damages.

New York Bankruptcy Judge Arthur Gonzalez said shareholders could renew their efforts to pursue Enron as a defendant later.

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