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In re Enron Corp. Securities, Derivative “ERISA” Litigation

2007 U.S. Dist. LEXIS 8812 (Feb. 7, 2007)

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In re Enron Corp. Securities, Derivative “ERISA” Litigation

United States District Court for the Southern District of Texas
2007 U.S. Dist. LEXIS 8812 (Feb. 7, 2007)

CC

Facts

Following the exposure of the Enron Corp. financial scandal, Regents of the University of California and others (Regents) (plaintiffs) brought various lawsuits against financial institutions (banks) (defendants) associated with the scandal. Four of those cases were pending before the District Court for the Southern District of Texas, namely the Newby action, the RBC action, the RBS/TD action, and the Goldman Sachs action. Banks in the Newby action moved to consolidate Newby with the RBC action and the RBS/TD action, and Regents moved to consolidate the Newby action with the Goldman Sachs action on the grounds that the matters all shared common facts, questions of law, as well as overlap in witnesses and discovery. When the motions for consolidation were filed, the Newby action, which was filed in late 2001, was already set for trial in April 2007. The other actions, however, had not progressed to that stage of litigation yet. The RBS/TD action was still deep in fact discovery, and expert discovery had not even begun. The RBC action, which was filed in early 2004, was also behind the Newby action in discovery, and the Goldman Sachs action had only just begun fact discovery. Banks in those three matters opposed Regents’ and the Newby action banks’ motions for consolidation.

Rule of Law

Issue

Holding and Reasoning (Harmon, J.)

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