S&C Obtains Final Enron-related Dismissal for UBS

February 28, 2017

S&C obtained a dismissal for UBS that was ten years in the making and brings to a close what may be the last of the Enron-related litigation and investigations for UBS. After UBS initially filed its motion to dismiss in 2006, a Texas district court provided UBS with a clear victory by dismissing with prejudice Lampkin v. UBS. The resolution marks the successful conclusion to the journey on which S&C, since 2002, has guided its long-time client.‎

The Lampkin plaintiffs alleged that the defendants violated the 1933 Act and the 1934 Act in connection with Enron’s financial troubles. ‎

In granting UBS’ motion to dismiss, the court set forth “a few key reasons” for the claims failing, including plaintiffs’ failure to adequately allege a breach in UBS firewall protocols and further referred “the parties to Defendants’ submissions for additional reasons why Plaintiffs fail to state a claim under the Securities statutes against [PaineWebber] and Warburg.”  

The S&C team included Bob Giuffra, Brendan Cullen and Bill Wagener.