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WASHINGTON (AP) - The Bush administration rejected a Securities and Exchange Commission recommendation in a key Supreme Court case and did not support shareholders suing Wall Street banks for damages over Enron's collapse.
The Justice Department's solicitor general, who represents the administration in Supreme Court cases, did not file a friend-of-the-court brief by Monday's deadline. The SEC recently asked Solicitor General Paul Clement to file in support of the Enron shareholders.
The move puts the Bush administration at odds with the federal agency that oversees securities markets as well as with dozens of states and several consumer and investor advocates.
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