Barclays and its investment banking operation, Barclays Capital have had claims against them dismissed in a lawsuit brought by shareholders of collapsed US energy firm, Enron.
The shareholders had filed suit against Enron and its banks, accusing the latter of helping to portray the ailing firm as a viable concern.
In a statement released late last month, Barclays announced that:
"Barclays yesterday received an order from the United States District Court for the Southern District of Texas Houston Division which has dismissed the claims against Barclays PLC, Barclays Bank PLC and Barclays Capital Inc. in the Enron class action (“Newby” litigation). This order, unless successfully challenged by the plaintiffs, ends the Newby litigation for Barclays."
However, despite the dismissal of the claims against it, presiding Judge Melinda Harmon appeared somewhat ambivalent regarding the bank's involvement in Enron's collapse, observing that:
"The allegations at most portray Barclays as a culpable aider and abettor."
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