csmonitor.com: How Enron awards do, or don't, trickle down

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How Enron awards do, or don't, trickle down
By Kris Axtman | Staff writer of The Christian Science Monitor
from the June 20, 2005 edition

HOUSTON – True, $4.2 billion is a lot of money - just shy of the gross domestic product of Barbados. But to Enron shareholders, it might as well be confetti.

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So last week's news that two banks had reached substantial settlements in the Enron securities fraud class-action lawsuit did not leave former employees celebrating in the streets.

"We didn't win anything," says Debbie Perrotta, a former senior administrative assistant at Enron who had $40,000 squirreled away in a 401(k) retirement plan based mostly on company stock. "I'll be lucky if I get a couple hundred dollars."

Citigroup and JPMorgan Chase agreed to pay shareholders $2 billion and $2.2 billion respectively to exit a lawsuit that claims they helped Enron defraud its shareholders out of tens of billions of dollars.

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