account
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.

© 2004 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.
x
Feedback