While I was traveling yesterday, the Fifth Circuit reversed the convictions of Merrill Lynch defendants accused of fraud in what is known as the Nigerian Barge scandal. The conviction of one defendant on obstruction and perjury was not appealed, so it still stands. Fortunately, others jumped on the story: Ellen Podgor, Larry Ribstein, and Tom Kirkendall.
I do want to note that with all the coverage the Enron case has gotten in the Houston Chronicle, I had to search for this article on the reversal on the website because it was so hard to find. This article notes that the DOJ could ask for full review by the Fifth Circuit.
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