The Wall Street Journal is reporting: “Enron Employees to Settle Retirement Suit for $85 Million.” According to the article:
Approximately 20,000 current and former Enron Corp. employees who lost money in their retirement plans when the company collapsed in late 2001 will participate in an $85 million settlement of a class-action lawsuit.The tentative settlement, filed yesterday, would be the largest to date for a case involving company stock in retirement plans, said Lynn Sarko, the attorney representing the employees. Earlier this year, employees of Global Crossing Ltd. settled for $79 million, and employees of Lucent Technologies Inc. settled for $69 million.
The article further notes that the “partial settlement resolves claims against Enron’s human-resource staff and company directors, but doesn’t settle claims against top Enron executives.” The settlement does not resolve claims against Northern Trust Corp. or Arthur Andersen.
More on the settlement from the New York Times here.