Judge OKs $72.5M Arthur Andersen settlement in Enron shareholder lawsuit News
Judge OKs $72.5M Arthur Andersen settlement in Enron shareholder lawsuit

[JURIST] A US federal judge has approved a settlement under which Arthur Andersen [Wikipedia backgrounder] will pay $72.5 million to investors who sued the firm for its involvement in the Enron scandal [JURIST news archive]. US District Judge Melinda Harmon [official profile] signed an order approving the settlement, ending the former accounting giant's involvement in a $40 billion class action lawsuit [plaintiff materials]. The University of California Board of Regents is the main plaintiff in the case and has already received over $7.3 billion from JPMorgan Chase, Citigroup and the Canadian Imperial Bank of Commerce. Merrill Lynch and Credit Suisse Group were also sued in the case, but they are seeking a ruling [JURIST report] that the case should never have been certified as a class action [opinion and order, PDF].

The US Supreme Court overturned [JURIST report] a 2002 obstruction of justice conviction [JURIST report] against Arthur Andersen for its involvement in the fallout of Enron [Wikipedia backgrounder], but the ruling did not come in time to save the accounting firm which is no longer in operation. FinancialWire has more.

THIS DAY @ LAW

Pope Urban II sparks First Crusade

Pope Urban II threw his support behind what would become the First Crusade on November 27, 1095 during the Council of Clairmont. The Pope urged the council's participants to render aid to the Byzantine Empire, which was being attacked by the Seljuks. Pope Urban called for a wide coalition of rich and poor to combat the threat, which eventually resulted in the conquest of much of the Muslim-controlled Levant by the Crusaders and the establishment of the Crusader States. Read Pope Urban's address.  

Catholic Code of Canon Law revised

On November 27, 1983, the revised Code of Canon Law of the Roman Catholic Church went into effect. Learn more about the history of Canon Law from Professor Kenneth Pennington of the Catholic University of America's Columbus School of Law.

Alfred Nobel creates Nobel Prize in his will

On November 27, 1895, Alfred Nobel signed his will, creating the Nobel Prize. Learn more about the history of the Nobel Prize and the Nobel Commission.