facebook
twitter
search
search

Enron employees to get $85 million

May 12, 2004 at 8:16 PM

HOUSTON, May 12 (UPI) -- Attorneys announced an $85 million partial settlement Thursday in Houston in a class-action lawsuit filed by current and former Enron employees.

U.S. District Judge Melinda Harmon must still approve the settlement and it addresses only some of the claims made in the lawsuit, the Houston Chronicle reported.

Plaintiff lawyers are also claiming about $17 million, or 20 percent, of the proposed settlement as legal fees, according to the Chronicle.

Lynn Sarko, one of the employee lawyers, said claims against ex-Chairman Ken Lay, ex-Chief Executive Officer Jeff Skilling, and the bankrupt energy trading company are still unresolved.

In another case, there was a $1.5 million settlement with outside directors in a lawsuit filed by the Department of Labor. About 20 percent of those funds will go to the U.S. Treasury and the remainder into the employee retirement fund. This case is also not completely resolved.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
No reports of injuries after 6.9-magnitude earthquake in Alaska
Oklahoma Supreme Court denies rehearing, again orders removal of Ten Commandments statue
Plane crash kills four in Wisconsin
Russia bans importation of flowers from the Netherlands
North Korea is 'source country' for forced labor, sex trafficking, says report