It's been seven years, but...
Distribution of Enron money to begin
Bloomberg News
Dec. 18, 2008, 10:53PM
Enron Corp. investors will start receiving their share of $7.2 billion recovered in settlements with the failed energy trader’s lenders, auditors and directors.
The University of California, the lead plaintiff in the case, today will initially start distributing close to $5 billion to about 200,000 investors, the school said in a statement Thursday. Eligible buyers of Enron’s common stock will receive about 20 percent of their allowed losses, according to the statement.
“We are extremely pleased to be returning these funds to the members of the class,” Charles Robinson, the university’s general counsel, said in the statement. “Getting here has required a long, challenging effort, but the results for Enron investors are unprecedented.”
Enron was the world’s largest energy-trading company, with a market value of as much as $68 billion, before it collapsed amid allegations of accounting fraud in December 2001. The company’s bankruptcy wiped out at least $1 billion in retirement funds.
chron.com |
