S&C Obtains Final Enron-related Dismissal for UBSFebruary 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.