Court OKs Enron-Related Class Action Suit Against UBS
On Wall Street, February, 2004 by Dan Jamieson
A U.S. District Court in Houston has kept alive a class-action suit filed by UBS retail clients who owned Enron.
Many of the allegations contained in the suit come from former brokers in UBS PaineWebber's downtown Houston office who worked on a team of brokers that handled Enron's option-exercise business, including the accounts of top Enron executives.
One of those brokers, Chung Wu, was fired by UBS PaineWebber in August 2001 after he sent his Enron-employee clients an email warning about liquidity problems at the company. Enron officials responsible for the option plan saw Wu's message and pressured UBS into firing the broker the same day.
Several months later, Enron's accounting problems were exposed by a series of stories in The Wall Street Journal....
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