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Department Sues Enron for June 30, 2003 Nearly two years after Enron collapsed upon itself, the U.S. Labor Department is finally seeking to recover pension funds for workers misled by the now-bankrupt energy trader. Eight hundred IBEW members employed by Enron-owned Portland General Electric were among the thousands of workers who lost millions of dollars in pension savings. "Enrons lack of regard for the security of its own workers is a stunningly selfish as it is shocking," said IBEW International President Edwin D. Hill. "These workers deserve at least something in exchange for, in many cases, a lifetime of hard work that was rewarded with nothing more than a worthless 401(k) account. Its every workers worst nightmare." The Labor Department lawsuit charges former Enron Chairman Ken Lay and former CEO Jeff Skilling with misleading employees about the value of Enron stock. It also contends they did not properly monitor the committee appointed to manage Enrons retirement plans. Enrons 401(k) plan had more than 20,000 members and an employee stock ownership plan with more than 7,600. Most were heavily invested in Enron stock. The lawsuit is seeking money from the officers and directors for allowing the retirement plans to continue investing in Enron stock although they knew it was overvalued. AFL-CIO President John Sweeney criticized the Labor Department for taking so long to file suit. "The delay points out the inadequacies of a system that fails to seek immediate remedies for working families who are the victims of corporate abuse and it highlights the importance of protecting workers retirement security against conflicts of interest and the abuse of company stock."
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(Above) - The now infamous Enron Sign in front of Enron's Houston HQ.When Corporations Behave Badly, People More Receptive To Union Message...September 18, 2002Beware Enron Wannabes... Jan./Feb. 2002 JournalIBEW Provides Key Testimony at Enron Hearings on Capitol Hill... February 22, 2002Worldcom US Corporate Web site...Visit the Enron Corporate Web site...The Daily Enron...
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