The Enron Corp.'s $365 million agreement to settle claims from employees who lost retirement plan money when the company stock plunged should alert many corporate risk managers to beef up their fiduciary liability insurance==if they can get it, two experts said.
Their comments followed Monday's announcement by Secretary of Labor Elaine L. Chao of a settlement giving the Enron 401(k) and employee stock ownership (ESOP) plans a general unsecured claim of $305.36 million in Enron's bankruptcy.
The proposed settlement also gives Enron's cash balance plan a claim of $50.89 million.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
