US - Pension funds seeking compensation from major investment banks for their part in the Enron scandal have seen an appeal turned down in the Supreme Court.
The plaintiff group, headed by the University of California, included Washington State Investment Board, San Francisco City and County Employees' Retirement System, Employer-Teamsters Local Numbers 175 and 505 Pension Trust Fund and Hawaii Laborers Pension Plan.
The case had already been denied appeal at the Fifth Circuit Court of Appeal as judges found the banks had not made false statements to investors.
Pension funds have been some of the many investors embroiled in recovering damages against Enron and associated companies.
To date, the plaintiffs have recovered US$7.3bn (£3.74bn) plus interest from investment banks and consultants who were involved with Enron at the time when it was claimed the company misrepresented its value to influence share prices.
The lead plaintiffs have not yet announced whether their plans to take action against the remaining cited defendants, Royal Bank of Canada, Royal Bank of Scotland, Toronto Dominion Bank, Goldman Sachs have been affected by this development.
No one at the implicated investment banks was available for comment.
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