AUSWR
The Association of U S West Retirees
 

 

 

Enron retirees to get cash
Buffalo News
Friday, February 17, 2006

NEW YORK (AP) - Enron Corp. workers and retirees will receive $133.95 million in cash to be distributed through the company's retirement plans, the Labor Department said Thursday.  The department sued the company, which sought bankruptcy protection in December 2001, along with its board and several top executives for mismanagement of the plans, saying they allegedly failed to consider the prudence of company stock as an investment and did nothing to protect workers and retirees from extensive losses.

Most of the money, $124.6 million, will come from Bear Stearns Investment Products, which acquired a bankruptcy claim in the Chapter 11 case.

The sale of the bankruptcy claim was the result of a September 2005 settlement between Houston-based Enron, the department, the retirement plans and private plaintiffs in the bankruptcy case.  Its sale brings the total amount paid in this case for the Enron retirement plans to more than $220.8 million.

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