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Welcome
to the Enron ERISA Litigation website that is designed to keep
participants or beneficiaries of the Enron Corp. Savings Plan (401K),
the Enron Corp. Employee Stock Ownership Plan (ESOP) and/or the Enron
Corp. Cash Balance Plan (the "Plans") informed of the status of the
Partial Settlements approved by the District Court for the Southern
District of Texas.
These
Partial Settlements resolve claims concerning certain fiduciaries of
the Plans under the Employee Retirement Income Security's Act of 1974,
ERISA.
For
detailed information regarding the Partial Settlements,
please refer to the relevant documents below:
April 2006 -- Keller Rohrback
announces Preliminary Approval of the $37.5 million dollar Enron
Partial Settlement (plus interest, less attorneys’ fees and costs) to
pay claims to all persons who were participants or beneficiaries in the
Plans during the period from January 1, 1995 through December 2, 2001
(“Class Period”). The Partial Settlement resolves claims against The
Northern Trust Company (“Northern Trust”), which allegedly breached its
fiduciary duties by violating the Employee Retirement Income Security
Act of 1974, 29 U.S.C. §§ 1001 et seq, (“ERISA”).
December 2005 -- Keller Rohrback
announces FINAL APPROVAL of the $1.25 million Partial Settlement (less
attorneys’ fees and costs) to pay claims to all persons who were
participants or beneficiaries in the Plans during the period from
January 1, 1995 through the Effective Date of the Settlement (“Class
Period”). The Partial Settlement resolves claims against Arthur
Andersen LLP and David B. Duncan (“Andersen”), who allegedly breached
their fiduciary duties by violating the Employee Retirement Income
Security Act of 1974, 29 U.S.C. §§ 1001 et seq, and for negligence.
November 2005
-- Keller Rohrback announces Preliminary Approval of the $1.25 million
Partial Settlement (less attorneys’ fees and costs) to pay claims to
all persons who were participants or beneficiaries in the Plans during
the period from January 1, 1995 through the Effective Date of the
Settlement (“Class Period”). The Partial Settlement resolves claims
against Arthur Andersen LLP and David B. Duncan (“Andersen”), who
allegedly breached their fiduciary duties by violating the Employee
Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq, and
for negligence.
Order granting Final Approval of Partial Settlement (12/20/05)
Order granting Preliminary Approval of Partial Settlement (9/12/2005)
Partial
Settlement Notice (Mailed to Class Members 10/31/2005) Partial
Settlement Publication Notice (Published 10/31/2005)
September 13, 2005 --
Keller Rohrback Announces Final Approval of the $356.25 million dollar
Partial Settlement in the Enron class action lawsuit.
Keller Rohrback Announces
Preliminary Approval of $356.25 million dollar Partial Settlement in
the Enron class action lawsuit.
July 28, 2005 - A
new Partial Settlement for $356.25 million dollars has been
preliminarily approved in a class action lawsuit brought by Plaintiffs
on behalf of the Enron Corp. Savings Plan (401K), the Enron Corp.
Employee Stock Ownership Plan (ESOP) and/or the Enron Cash Balance Plan
(the “Plans”) against Enron for breaches of fiduciary duty under the
Employee Retirement Income Security Act of 1974 (“ERISA”). The
settlement includes participants or beneficiaries of the Enron Plans
from January 28, 1998 up through and including December 2, 2001,
otherwise regarded as the Class Period.
The Partial Settlement will allow a claim in Enron’s bankruptcy
proceedings in the amount of $356.25 million (less attorneys fees and
expenses) to the Settlement Class. Because there is uncertainty with
respect to the amount to be ultimately distributed with respect to
allowed unsecured claims and when the distributions will occur, named
plaintiffs have obtained a commitment (subject to approvals by the
Department of Labor and the Independent Fiduciary) to purchase the
allowed claim for 27.35% of its face amount ($97,434,375) in cash,
which at the time of the Fairness Hearing they will ask the Court to
authorize the transfer of the allowed claim.
If you are part of the ERISA class, you do not need to do anything
further. A notice will be mailed to all Class members on August 5th,
2005. A notice shall also be published in the Wall Street Journal
(national), the Oregonian, Houston Chronicle, and the Omaha World
Herald on Friday, August 5th, 2005.
Order Approving $365M Final Settlement (9/12/2005)
Tittle
Class Action Settlement Agreement (7/6/2005)
Order
granting Preliminary Approval of Partial Settlement (7/27/2005)
Partial
Settlement Notice
(Mailed to Class Members 8/5/2005)
Partial
Settlement Publication Notice (Published 8/5/2005)
Objections to Partial
Settlement: 1
/ 2 /
3 /
4
Amended
Supplemental Plan of Allocation
(9/12/2005)
May
24, 2005 - the United States District Court in Houston has
now granted final approval for the $85 million partial settlement on
behalf of all participants in Enron's ESOP, Savings Plan, and Cash
Balance Plan during the period January 1, 1995 through June 7, 2002.
The Court approved the settlement despite the strenuous objections of
certain defendants who are not covered by the settlement, including
Kenneth Lay, Jeffrey Skilling, and the Northern Trust Company. The
litigation will continue against those defendants.
The
Court's Order approving the settlement is attached. Before any monies
are distributed to the class, several additional procedures must occur.
The first is the resolution of a proceeding that will determine whether
the settling defendants are entitled to the full amount of the $85
million in insurance coverage that is being used to fund the
settlement. In addition, any appeals by the non-settling defendants
must be addressed before the settlement will become final. Resolving
those matters could take many months.
Click
here to view Order of Final Judgment and
Dismissal and Opinion and Order.
The Plan of Allocation
below includes the formula used to determine the amount that Class
Members are entitled to receive, but does not indicate actual dollar
amounts for the various individual members. As soon as the Settlement
Administrator determines the individual amounts you will be notified.
Plaintiffs' Motion to Set Aside a
Portion of Funds Recovered in Partial Settlement to Establish
Attorneys' Fee and Litigation Expense Reserve Accounts (7/30/2004)
Plan Of Allocation For $85 Million
Partial Settlement
(8/17/2004)
Order granting Preliminary Approval
of Partial Settlement (5/31/2004)
Partial Settlement Notice (Mail to
Class members on 6/9/2004)
Partial Settlement Publication Notice (Published on
6/9/2004)
Scheduling Order
PLEASE
NOTE THE FOLLOWING IMPORTANT DATES:
Class
Definition
The Partial Settlement will provide $85 million (less attorneys' fees
and costs) to pay claims to all persons who were participants or
beneficiaries in the Plans during the period from January 1,
1995 through June 7, 2002 ("Class Period").
Settlement
Approval Schedule
| Deadline
for Hearing Objections to Partial Settlement |
7/9/2004 |
| Hearing
on Final Approval Motion |
8/19/2004 |
ENRON
SETTLEMENT IN THE NEWS
| 8/3/04 |
Latest:
Despite Enron's opposition, arguing
releasing the funds would deplete its insurance reserves, U.S.
Bankruptcy Judge Arthur Gonzalez in New York authorized Enron's
insurance companies to release $85 million to partially settle more
than $3 billion in pension fund claims stemming from the 2001 collapse. |
| 6/9/04 |
The Notice
Administrator shall publish the Publication Notice in the Houston
Chronicle, The Wall Street Journal, The
Oregonian, The Omaha World-Herald and
Class Counsels' web sites. |
| 5/13/04 |
The Wall Street Journal is reporting: "Enron Employees to Settle Retirement
Suit for $85 Million." According to the article:
Approximately
20,000 current and former Enron Corp. employees who lost money in their
retirement plans when the company collapsed in late 2001 will
participate in an $85 million settlement of a class-action lawsuit.
The
tentative settlement, filed yesterday, would be the largest to date for
a case involving company stock in retirement plans, said Lynn Sarko,
the attorney representing the employees. Earlier this year, employees
of Global Crossing Ltd. settled for $79 million, and employees of
Lucent Technologies Inc. settled for $69 million.
The
article further notes that the "partial settlement resolves claims
against Enron's human-resource staff and company directors, but doesn't
settle claims against top Enron executives." The settlement does not
resolve claims against Northern Trust Corp. or Arthur Andersen.
More
on the settlement from the New York Times here.
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"The Collapse of Enron: A
Bibliography of Online Legal, Government and Legislative Resources" (Copyright © 1996-2004,
Law Library Resource Xchange, LLC.)
For further
questions, please call toll free 1-866-560-4043.
Please DO NOT contact ENRON or the COURT.
They cannot answer your questions.
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