HOUSTON (AP) _ An eight-year-old lawsuit by Enron shareholders and investors ended Thursday after the remaining defendants in the case were dismissed.
The shareholders and investors in the failed Houston-based company had accused various financial institutions of participating in the accounting fraud that led to the once mighty energy giant’s downfall.
Attorneys for the lead plaintiffs, the regents of the University of California, asked U.S. District Judge Melinda Harmon to drop claims against several banks and individuals, including former Enron CEO Jeff Skilling. They said court rulings and the financial conditions of individual defendants have ended any chances of recovering additional monies.
But Patrick Coughlin, attorney for the regents, said the decision to end the lawsuit won’t affect the more than $7.2 billion settlement that has already been obtained in the case and was approved by Harmon last year.
The settlement is the largest ever in a U.S. securities fraud case.