LAWSUITS NEWS & LEGAL INFORMATION
Enron Payback
Washington, DC: (Mar-13-08) Labor Secretary Elaine Chao brought charges against Hewitt Associates LLC, an IL based company that was hired by the Enron Creditors Recovery Corporation to allocate settlement monies owed to Enron employees. The suit was a contempt motion that alleged that due to a software glitch, Hewitt overpaid, or underpaid, nearly $22 million to over 20,000 workers. Records show that in 2006, former Enron workers received about $89 million, which was the first payment in a lawsuit settlement over money the workers lost through Enron's employee stock ownership and 401(k) plans.
According to court records, Enron, once the nation's seventh-largest company, entered bankruptcy proceedings in December 2001. The collapse resulted in the loss of thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans. I
n a recent development, sources confirmed that Enron and Hewitt have agreed to restore $11.2 million to the settlement fund to resolve the contempt motion brought by the Labor Department. Enron officials claimed that despite efforts to get back the money that was overpaid, the settlement fund was still $9.15 million short. Additionally, Labor Department sources claimed that both Enron and Hewitt have agreed to provide the funds necessary to make up the shortfall in the amount needed to reimburse the underpaid participants. [STAR TRIBUNE: LABOR DEPARTMENT SAYS $11 MILLION TO BE RESTORED TO EX-ENRON WORKERS' SETTLEMENT FUND]
Published on Mar-14-08
According to court records, Enron, once the nation's seventh-largest company, entered bankruptcy proceedings in December 2001. The collapse resulted in the loss of thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans. I
n a recent development, sources confirmed that Enron and Hewitt have agreed to restore $11.2 million to the settlement fund to resolve the contempt motion brought by the Labor Department. Enron officials claimed that despite efforts to get back the money that was overpaid, the settlement fund was still $9.15 million short. Additionally, Labor Department sources claimed that both Enron and Hewitt have agreed to provide the funds necessary to make up the shortfall in the amount needed to reimburse the underpaid participants. [
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