Corporations & securities brief ~ Nevada Power sues investment firms over Enron conduct Amit Patel at 1:30 PM ET
[JURIST] In Monday's corporations and securities law news, Nevada Power Company has filed a federal lawsuit against several investment banking firms, including Citigroup, JP Morgan Securities and Barclays Bank, claiming they conspired with Enron Corp. to manipulate power markets. Nevada Power claims it lost over $200 million from overcharging for electricity from Enron. Paper Chase has continuing coverage of the Enron collapse. AP has more.
In other news, Thomson, is looking to join Microsoft and Time Warner as an investor in digital rights management firm ContentGuard. The move would likely reduce European antitrust concerns regarding Microsoft's stake in the company. CNET has more.... Oracle has written a letter to rival PeopleSoft asking them to remove the so-called anti-takeover poison pill defense against Oracle's hostile bid. The letter comes after almost 61% of PeopleSoft shareholders tendered their shares to Oracle. Oracle has more information on its hostile bid here. Read the letter here [PDF]. The Financial Times has more.... British-Swiss resources group Xstrata started a takeover bid for WMC Resources for $5.7 billion by appealing directly to shareholders rather than the company. WMC which had already rebuffed a previous offer by Xstrata called the price too low. Read the Xstrata press release here [PDF]. Read the WMC response to the offer here. AFP has more.... As previously reported on JURIST's Paper Chase, NASD's National Adjudicatory Council (NAC) on Monday permanently barred Frank Quattrone from working in the securities industry in any capacity for refusing to testify about his possible involvement in document destruction and obstruction of justice while at Credit Suisse First Boston. Reuters has more.... Trump Hotels & Casino Resorts Inc. and numerous related operations have filed for bankruptcy protection under Chapter 11. Donald Trump will stay on as chairman and CEO of Trump Hotels & Casino Resorts. AP has more.
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