$11M to Be Restored to Enron Fund
More than $11 million will be restored to the settlement fund for former Enron Corp. employees who lost their retirement fund during the company's collapse, the Labor Department says. A settlement reached Thursday ends a contempt motion filed by Labor Secretary Elaine Chao in February against Hewitt Associates LLC, an Illinois-based company that was hired by the Enron Creditors Recovery Corp. to allocate settlement monies owed to Enron employees. In 2006, former Enron workers received about $89 million, the first payment in a lawsuit settlement over money the workers lost through Enron's employee stock ownership and 401(k) plans. But more than 20,000 workers were overpaid or underpaid nearly $22 million because of a software glitch blamed on Hewitt. Hewitt is no longer the administrator.
See "$11M to Be Restored to Enron Fund", Associated Press, San Francisco Chronicle, March 13, 2008