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| 2002 News and Press Releases |
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HEADLINE:
Judge Orders El Paso Suit Refiled
By: Staff Writer
The Oil Daily. December 9, 2002
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EXCERPT: The judge overseeing a class-action shareholder suit against El Paso, which alleges the firm engaged in accounting and off-balance sheet deals, criticized the lead plaintiff's amended complaint and ordered it re-filed, according to an order made public late last week. US District Judge Lynn Hughes in Houston chastised lead plaintiff Oscar Wyatt, a major El Paso shareholder, and his lawyers for filing a lengthy amended complaint. "In a stack, it measures 10 inches high," Hughes wrote. "Under federal law, Wyatt must plead the facts of his claim for securities fraud with particularity and a short, plain statement of the transactions that support his legal characterization." Wyatt and other shareholders filed a class-action suit against El Paso last month.
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