CALA reacts to Enron settlement
The $7.2 billion settlement recently announced in the Enron case Ã¯Â¿Â½ the largest ever in U.S. securities litigation Ã¯Â¿Â½ not surprisingly also spawned the largest ever request for attorneys fees Ã¯Â¿Â½ $688 million plus interest.
Once again, it seems the personal injury trial bar just can't help itself. They were on the right side by helping those affected by the collapse of Enron Ã¯Â¿Â½ until they claimed almost 10 percent of the award for themselves.
It is amazing that the shareholders for whom they are seeking justice Ã¯Â¿Â½ those already torn apart by the arrogance and utter greed of others Ã¯Â¿Â½ should find themselves once again on the losing end.
Texas Attorney General Greg Abbott is right to strongly object to this astronomical payout in lawyer fees. The personal injury lawyers involved should do the right thing and voluntarily cut their compensation in order to allow more money to flow to the shareholders
Citizens Against Lawsuit Abuse of Central Texas