Enron employees to get at least $66.5 million in settlements,

[Kadie]

Enron employees to get at least $66.5 million in settlements, Labor secretary says

Wednesday, May 12, 2004

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(05-12) 16:50 PDT WASHINGTON (AP) --

Former Enron employees who lost millions of dollars in retirement money in the company's stunning collapse would get at least $66.5 million from two newly reached settlements of lawsuits, Labor Secretary Elaine Chao said Wednesday.

The employees had alleged in a class-action suit that they lost more than $1 billion because the now-bankrupt energy company and its officers failed to execute their duties in administering Enron's pension plan. The partial settlement calls for the company employees who were trustees of the plan to hand over an $85 million insurance policy that covered them against liability. It resolves the claims against Enron's human resources staff and company directors, but not those against the company itself and Kenneth Lay, who had been Enron's chairman, and former chief executive Jeffrey Skilling.

Attorneys for the Enron employees said their deal would be the largest settlement ever of a case involving company stock in retirement plans.

"This is an excellent result," said Clyde Platt, an attorney with Hagens Berman in Seattle.

more... http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/05/12/financial1858EDT0356.DTL

[jburton]

1. What a crock

This ends up being an average of only $4,000 per person!

(according to CNN/Lou Dobbs)