Thousands from Enron's ranks to split $85 million retirement settlement

[Ediacara]

Thousands from Enron's ranks to split $85 million retirement settlement

By MARY FLOOD
Copyright 2004 Houston Chronicle

An $85 million partial settlement was announced today in the would-be class action lawsuit on behalf of current and former Enron employees and their retirement plan.

Even if U.S. District Judge Melinda Harmon gives her blessing to the deal, it likely will be late summer or fall before any money is added to the retirement plans of the 12,000 to 20,000 current and former Enron employees who will benefit.

Also plaintiffs lawyers are asking that about $17 million, or 20 percent of the settlement, be set aside for legal fees.

The settlement is at the level of the expected insurance payout from several insurance policies at Enron. But lawyers say it is a victory to get an agreement that the lump sum be given to victims rather than wait and see some or potentially all of $85 million used for defense lawyers for the outside Enron directors and officers who are part of this settlement.

More at the Houston Chronicle

[Bonhomme Richard]

1. Isn't that like $4200.00 each. That sucks. n/t

[BiggJawn]

2. but Kenny-Boy Lay has to get by on $4200, too....

Per HOUR!

Oh, the horrible-ness of being Rich...

[Ediacara]

3. Between $7083 and $4250

Depending on how many (12,000 to 20,000) current and former employees actually get to reap the benefit.

[aquart]

4. This is an obscenity, not a settlement.

[NewYorkerfromMass]

6. Repulsive anyway

I wonder if Bush could lose Texas?

[0007]

5. 'Tis a slap in the face with a dead stinking fish

Has any one wrote a book about the flim flam man 'kenny boy'?

And how come the media isn't following this man around like a hot item?

[pearl]

7. My Brothers on of them

I guess I'll call him to see what he thinks.

[0007]

8. I hope your brother is screaming at the top of his lungs

This is outrageous. How can anyone ever trust this administration which was a close firend of 'kenny boy'?

Do you or your brother live in Texas?