by James Oliphant
The Supreme Court Tuesday shoveled the last clump of dirt on a massive suit brought against investment banks that allegedly participated in the fraud that brought down Enron Corp. and injured thousands of investors.
The court declined to hear an appeal out of the U.S. Court of Appeals for the Fifth Circuit, which had barred the lawsuit against the banks, which included Merrill Lynch, Barclays and Credit Suisse. The plaintiffs, led by the University of California, claimed $40 billion in losses. The Fifth Circuit tossed the suit, saying the banks had never directly misled the investors, as their relationship lay with Enron, not the banks themselves




