The estate of Enron Corp. founder Kenneth Lay has agreed to a $12 million settlement with the U.S. Department of Labor over the alleged mismanagement of Enron’s pension plans. The final settlement may fall below the full amount and will depend upon the total amount of assets in the estate, government officials said. The Labor Department sued Enron and 21 former company officials, including Lay and former CEO Jeffrey Skilling, in June 2003, seeking to require the defendants to restore all of the losses with interest to two of Enron’s pension plans (see Daily GPI, June 27, 2003). The plans had been governed by the federal Employee Retirement Income Security Act (ERISA) More than 20,000 participants in Enron’s savings and employee stock ownership plans “experienced a substantial erosion of their retirement assets” when the company declared bankruptcy in December 2001, the Labor Department noted. With the agreement with Lay’s estate, Skilling is the only defendant who has not settled, the government said. Skilling is scheduled to be sentenced to federal prison in October following his criminal convictions related to his misdeeds at Enron.
Kenneth
Articles from Kenneth
Government Expected to Oppose Move to Erase Lay’s Record
The defense team for Enron Corp. founder Kenneth Lay on Wednesday formally requested that Lay’s criminal record be erased. However, the government has indicated it plans to oppose the motion.
Government Expected to Oppose Move to Expunge Lay’s Record
The defense team for Enron Corp. founder Kenneth Lay on Wednesday formally requested that Lay’s criminal record be erased. However, the government has indicated it plans to oppose the motion.
Legal Maneuvers Begin to Erase Lay’s Convictions
A lawyer representing the estate of Enron Corp. founder Kenneth Lay last week filed a motion to begin the process of erasing Lay’s felony convictions for securities and bank fraud. Lay, 64, who was scheduled to be sentenced in October, suffered a heart attack and died in July (see NGI, July 10).
Legal Maneuvers Begin to Erase Lay’s Convictions
A lawyer representing the estate of Enron Corp. founder Kenneth Lay on Wednesday filed a motion to begin the process of erasing Lay’s felony convictions for securities and bank fraud. Lay, 64, who was scheduled to be sentenced in October, suffered a heart attack and died in July (see Daily GPI, July 6).
Lay’s Autopsy Reveals Severe Heart Disease
Enron Corp. founder Kenneth Lay, who had suffered two previous heart attacks before he collapsed and died on July 5, suffered from severe heart disease, according to an autopsy released by the Pitkin County, CO, Sheriff’s Office. Lay’s three main coronary arteries were more than 90% blocked, the autopsy revealed.
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Prosecutors Argue Against Skilling’s Request for New Trial
The legal questions concerning the estate of Enron Corp. founder Kenneth Lay remain unanswered, but the court wranglings for and against ex-CEO Jeffrey Skilling and others involved in alleged misdeeds at the company continued last week in Houston.
Enron-Related Legal Filings Continue to Multiply
The legal questions concerning the estate of Enron Corp. founder Kenneth Lay remain unanswered, but the court wranglings for and against ex-CEO Jeffrey Skilling and others involved in alleged misdeeds at the company continued this week in Houston.
Lead Plaintiff in Enron Lawsuit Not Expected to Pursue Lay Estate
As the legal community discussed the court-related impact of Kenneth Lay’s death early Wednesday, a preliminary autopsy on the Enron founder concluded that clogged arteries were the cause of death. Prevailing legal opinion is that his death will wipe Lay’s slate clean in the eyes of the law. History will determine the rest.
Lay, Skilling Sentencing Delayed Six Weeks
The federal judge who presided over the criminal trial of Enron Corp. founder Kenneth Lay and ex-CEO Jeffrey Skilling on Friday agreed to delay the Sept. 11 sentencing of the two men. Their lawyers were given an extra six weeks to prepare arguments for the court that will ultimately determine how long the former executives spend in prison.
