Corporations & securities brief ~ Lehman settles Enron class action suit

[JURIST] In Friday's corporations and securities law news, the University of California announced a $222.5-million settlement with Lehman Brothers in a would-be Enron shareholder class action suit. It is still unclear whether shareholders will receive any money. The Houston Chronicle has more. In other Enron news, deliberations in the trial of four former Merrill Lynch & Co. executives and two former midlevel Enron Corp. executives on trial for conspiracy and fraud began late Thursday. Read the indictment here [PDF]. JURIST's Paper Chase has continuing coverage of the Enron collapse. AP has more.

In other news, the IRS is probing the NAACP because of comments the chairman of the civil rights group made criticizing President Bush. The IRS is investigating whether this violated the terms of the NAACP's tax-emept status. Reuters has more.... Conrad Black, the embattled chairman and chief executive of Hollinger Inc., is reportedly ready to resign. Bloomberg has more.... The SEC announced a settlement with hedge fund Beacon Hill Asset Management and its four principals. Under the settlement, Beacon Hill and the four principles will pay a total $4.4 million to settle allegations of defrauding investors of more than $300 million. Read the SEC litigation release here. AP has more.

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