Enron To Pay $356M Back To Employees
By Justin Gardner | Related entries in Economy, MoneyWASHINGTON, July 11 (Reuters) – Enron Corp agreed to put a $356.25 million price tag on government and employee claims against the fallen energy giant’s retirement plans, the U.S. Labor Department said on Monday.…
Of the settlement’s total value, $305.36 million was assigned to claims involving the 401(k) and employee stock ownership plans and $50.89 was assigned to claims involving Enron’s cash balance retirement plan.
However…
the department stressed that since pending bankruptcy court claims against the Houston-based company exceed its assets, payouts to retirement plan participants will be in the “tens of millions of dollars,” rather than the full value of the $356.25 million settlement.…
“How much we get depends on how much is in the estate,” said a department official who asked not to be identified. “It won’t be 100 cents on the dollar because the amount of claims against Enron exceeds the assets.”
And on a sidenote, if you haven’t seen the documentary “Enron: The Smartest Guys In The Room”…please do. As this review from Roger Ebert puts it, “This is not a political documentary. It is a crime story. No matter what your politics, “Enron: The Smartest Guys in the Room” will make you mad.”
This entry was posted on Tuesday, July 12th, 2005 and is filed under Economy, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
