Enron workers and retirees will share nearly 134 (M) million dollars to be distributed through the company's retirement plans. The Labor Department announced the decision late yesterday.
Houston-based Enron filed for bankruptcy protection in December
of 2001. The feds sued Enron, along with its board and several top
executives, for alleged mismanagement of the retirement plans.
Most of the money -- nearly 125 (M) million dollars -- will come from Bear Stearns Investment Products, which acquired a bankruptcy claim in the Chapter Eleven case.
The sale of the claim was the result of a September settlement between Enron, the Labor Department, the retirement plans and private plaintiffs in the bankruptcy case.
Its sale brings the total amount paid in the case for the Enron retirement plans to almost 221 (M) million dollars.