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Ethics Keyed to Hazard
In re Enron [Part One: The Allegations]
Facts
Two law firms were joined as defendants in this massive case: Vinson & Elkins L.L.P: Vinson & Elkins worked closely with Enron executives to plan, fund, and structure some of the most question elements of their operations, as well as many of the alleged securities violations. V+E also assisted in the production of a series of public announcements regarding Enron’s financial situation that their attorneys had good reason to know was false or misleading. (This blatant securities violation would ultimately leave them liable as defendants as this case progressed.) Kirkland & Ellis: was alleged to have assisted Enron in “off balance sheet transactions” designed to give the company the appearance of a healthy financial outlook. They were not as directly involved in structuring Enron’s more questionable transactions, however, and never assisted in any official public statements. While the activities described here are highly unethical, they are ultimately dismissed from the case. (See Part Three.)
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