Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Shareholders Get Support in Enron Case

WASHINGTON -- The U.S. Securities and Exchange Commission has decided to support shareholders suing Wall Street banks for damages over Enron's collapse in a significant case before the U.S. Supreme Court, The Washington Post reported Saturday.

The Enron shareholders' $40 billion lawsuit contends that Merrill Lynch, Barclays and Credit Suisse Group should be held equally liable as Enron as participants in the energy company's enormous accounting fraud. Thirty states took the shareholders' side, and the commission's widely awaited position has been viewed by some observers as a key test of the agency's leanings on questions of investor protection under chairman Christopher Cox.

The commission has asked the Justice Department's solicitor general, who represents the government's view in Supreme Court cases, to file a court brief in support of the Enron shareholders' position, the newspaper said, citing people familiar with the decision.