Enron ERISA Litigation

The Tittle, et al v. Enron Corporation, et al., ERISA Complaint was filed in United States District Court for the Southern Division of Texas on behalf of Plaintiffs and a class (the "Class") of all persons who were participants in or beneficiaries of the Enron Corporation Savings Plan, the Enron Corporation Employee Stock Ownership Plan or the Enron Corporation Cash Balance Plan ("the Plans") between January 20, 1998 and December 2, 2001 (the "Class Period").

December 7, 2006

Keller Rohrback announces Preliminary Approval of partial settlements with Jeffrey K. Skilling and the Estate of Kenneth L. Lay as well as the apportionment of the fund previously recovered in the settlement with Andersen Worldwide Societe Cooperative ("AWSC"). The proposed partial settlements are on behalf of all participants in Enron's ESOP and Savings Plan, during the period January 20, 1998 through December 2, 2001.

July 24, 2006

 -- Keller Rohrback announces Final Approval of the $37.5 million dollar Enron Partial Settlement (plus interest, less attorneys’ fees and costs) to pay claims to all persons who were participants or beneficiaries in the Plans during the period from January 1, 1995 through December 2, 2001 (“Class Period”). The Partial Settlement resolves claims against The Northern Trust Company (“Northern Trust”), which allegedly breached its fiduciary duties by violating the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq, (“ERISA”).

On July 24, 2006

– Keller Rohrback announces the Court’s approval of the award of Attorneys’ Fees and Reimbursement of Expenses and an Incentive Award to the Class Representatives.

June 9, 2006

 - Class Counsel filed their papers in support of their petition for an award of attorneys fees, reimbursement of expenses, and an incentive award for the Class Representatives. As previously provided in the notice concerning the partial settlement with Northern Trust, they have asked for 20% of the total amounts recovered in all partial settlements in the litigation, including interest, for the 56,500 hours they have worked on the case, seek reimbursement of expenses in the amount of $874,902.74, and have asked the Court to award each of the Class Representatives an additional $7,000.00 for services to the classes in this case.

June 7, 2006

 - The United States District Court in Houston has certified two classes in the litigation for trial on behalf of all persons who participated in the ESOP and Savings Plan during January 20, 1998 through December 2, 2001, appointed sixteen persons as the Class Representatives, and confirmed that Co-Lead Counsel and others are the attorneys for the classes.

April 2006

Keller Rohrback announces Preliminary Approval of the $37.5 million dollar Enron Partial Settlement (plus interest, less attorneys’ fees and costs) to pay claims to all persons who were participants or beneficiaries in the Plans during the period from January 1, 1995 through December 2, 2001 (“Class Period”). The Partial Settlement resolves claims against The Northern Trust Company (“Northern Trust”), which allegedly breached its fiduciary duties by violating the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq, (“ERISA”).

December 2005

Keller Rohrback announces FINAL APPROVAL of the $1.25 million Partial Settlement (less attorneys’ fees and costs) to pay claims to all persons who were participants or beneficiaries in the Plans during the period from January 1, 1995 through the Effective Date of the Settlement (“Class Period”). The Partial Settlement resolves claims against Arthur Andersen LLP and David B. Duncan (“Andersen”), who allegedly breached their fiduciary duties by violating the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq, and for negligence.

November 2005

Keller Rohrback announces Preliminary Approval of the $1.25 million Partial Settlement (less attorneys’ fees and costs) to pay claims to all persons who were participants or beneficiaries in the Plans during the period from January 1, 1995 through the Effective Date of the Settlement (“Class Period”). The Partial Settlement resolves claims against Arthur Andersen LLP and David B. Duncan (“Andersen”), who allegedly breached their fiduciary duties by violating the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001 et seq, and for negligence.

September 12, 2005

Keller Rohrback Announces Final Approval of $356.25 million dollar Partial Settlement in the Enron class action lawsuit brought by Plaintiffs on behalf of the Enron Corp. Savings Plan (401K), the Enron Corp. Employee Stock Ownership Plan (ESOP) and/or the Enron Cash Balance Plan (the “Plans”) against Enron for breaches of fiduciary duty under ERISA.

July 28, 2005

Keller Rohrback Announces Preliminary Approval of $356.25 million dollar Partial Settlement in the Enron class action lawsuit brought by Plaintiffs on behalf of the Enron Corp. Savings Plan (401K), the Enron Corp. Employee Stock Ownership Plan (ESOP) and/or the Enron Cash Balance Plan (the “Plans”) against Enron for breaches of fiduciary duty under ERISA. The Partial Settlement will allow a claim in Enron’s bankruptcy proceedings in the amount of $356.25 million (less attorneys fees and expenses) to the Settlement Class. Because there is uncertainty with respect to the amount to be ultimately distributed with respect to allowed unsecured claims and when the distributions will occur, named plaintiffs have obtained a commitment (subject to approvals by the Department of Labor and the Independent Fiduciary) to purchase the allowed claim for 27.35% of its face amount ($97,434,375) in cash, which at the time of the Fairness Hearing they will ask the Court to authorize the transfer of the allowed claim.

Partial Settlement

On May 24, 2005, The United States District Court in Houston granted final approval for the $85 million partial settlement on behalf of all participants in Enron's ESOP, Savings Plan, and Cash Balance Plan during the period January 1, 1995 through June 7, 2002. The Court approved the settlement despite the strenuous objections of certain defendants who are not covered by the settlement, including Kenneth Lay, Jeffrey Skilling, and the Northern Trust Company. The litigation will continue against those defendants.

The Court's Order approving the settlement is attached. Before any monies are distributed to the class, several additional procedures must occur. The first is the resolution of a proceeding that will determine whether the settling defendants are entitled to the full amount of the $85 million in insurance coverage that is being used to fund the settlement. In addition, any appeals by the non-settling defendants must be addressed before the settlement will become final. Resolving those matters could take many months.

A new Partial Settlement for $356.25 million dollars has been preliminarily approved in a class action lawsuit brought by Plaintiffs on behalf of the Enron Corp. Savings Plan (401K), the Enron Corp. Employee Stock Ownership Plan (ESOP) and/or the Enron Cash Balance Plan (the “Plans”) against Enron for breaches of fiduciary duty under the Employee Retirement Income Security Act of 1974 (“ERISA”). The settlement includes participants or beneficiaries of the Enron Plans from January 28, 1998 up through and including December 2, 2001, otherwise regarded as the Class Period.

The Partial Settlement will allow a claim in Enron’s bankruptcy proceedings in the amount of $356.25 million (less attorneys fees and expenses) to the Settlement Class. Because there is uncertainty with respect to the amount to be ultimately distributed with respect to allowed unsecured claims and when the distributions will occur, named plaintiffs have obtained a commitment (subject to approvals by the Department of Labor and the Independent Fiduciary) to purchase the allowed claim for 27.35% of its face amount ($97,434,375) in cash, which at the time of the Fairness Hearing they will ask the Court to authorize the transfer of the allowed claim.

If you are part of the ERISA class, you do not need to do anything further. A notice will be mailed to all Class members on August 5th, 2005. A notice shall also be published in the Wall Street Journal (national), the Oregonian, Houston Chronicle, and the Omaha World Herald on Friday, August 5th, 2005.

For detailed information regarding the partial settlement, please click here.

Case Documents