Oury Clark launches UK Enron class action

White collar crime specialist Oury Clark has become the first UK firm to launch a class action on behalf of Enron shareholders

The firm, well known for its pro bono commitment, is advising the shareholders on both sides of the Atlantic at a greatly reduced rate.
US class action firm Milberg Weiss Bershad Hynes & Lerach is handling dozens of Enron lawsuits brought as one action, but so far there have been no shareholder actions launched in the UK. UK financial litigation firm Class Law has reviewed the cases of 30 Enron shareholders, but decided not to proceed with a class action.
Oury Clark received its first Enron instructions through a lawyers' referral network in the US, and is now preparing its case.
The firm, which commits 30 per cent of its turnover to pro bono work, has agreed to charge Enron shareholders £80 an hour for the work.
“We've specifically looked to help shareholders who couldn't otherwise afford to do this in the US or the UK. We can't do it pro bono, but we're going for a greatly reduced rate,” said Oury Clark founding partner James Oury.
Oury is now preparing the shareholders' case, although he is unsure whether he will hit out at the executive directors of Enron, its professional advisers Andersen and law firm Kirkland & Ellis, or indeed all the parties involved.
“At the moment the smoking gun seems to be pointing at the professional advisers, but the executives are certainly still involved,” he said.