Breaking Legal News - POSTED: 2007/06/11 23:35
A spokesman for the Justice Department said he could not comment on matters of pending litigation.
In the appeal case before the Supreme Court, shareholders of Charter Communications Inc. (CHTR.O: Quote, Profile, Research sued Scientific Atlanta and Motorola Inc. (MOT.N: Quote, Profile, Research, accusing them of aiding a scheme to inflate Charter revenues in 2000. A lower court dismissed the case, saying that companies were not liable because they were not primary players in the alleged fraud.
Enron shareholders are closely watching the case because it could affect their own attempt to sue banks, including Merrill Lynch & Co. (MER.N: Quote, Profile, Research, for helping put together financing transactions for Enron before its collapse.
Legal briefs supporting the plaintiffs in the Charter case are due at the Supreme Court by midnight on Monday.
Newman said he and other investor advocates started hearing late last week that the solicitor general would not support the SEC's position.