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Enron officials sued over pension plans

June 26, 2003 at 5:21 PM   |   Comments

HOUSTON, June 26 (UPI) -- The Labor Department Thursday sued Enron Corp. and about 20 executives on charges of helping cause the loss of hundreds of millions of dollars to pensioners.

"This action will strengthen the American work force's confidence in their retirement savings," Labor Secretary Elaine Chao said in a statement.

"As I said when we opened our investigation, Enron employees have gotten the short end of the stick in the collapse of this company and we are committed to doing everything we can to help them."

The Dow Jones News Service said the department claimed the suit aims to recover losses that Enron employees suffered due to alleged mismanagement of two of the company's pension plans.

The lawsuit alleges Enron and the executives violated the Employee Retirement Income Security Act when they failed to "consider the prudence of Enron stock as an appropriate investment for the retirement plan," the Labor Department said in a statement.

Topics: Elaine Chao
© 2003 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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