Former employees of collapsed energy company, Enron, who lost millions of dollars in pension contributions when the firm failed, have been offered an $85 million partial settlement of their class action lawsuit.
According to an Associated Press report on the settlement offer, more than 20,700 participants in the company's 401 (k) plan had around two-thirds of their assets invested in Enron stock, which they were prevented from selling for a time during the firm's rapid decline.
The class action suit alleges that that this factor, combined with an earlier cover-up of the state of the company's finances, cost Enron employees in the region of $1 billion.
The settlement plan would involve the handing over of an $85 million insurance policy, and would resolve claims against Enron's human resources department and executives, with the exception of former chairman, Kenneth Lay and former chief executive, Jeffrey Skilling.
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