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Retirement Plan Is Focus of Class-Action Lawsuit by Former Enron Employees.
Knight Ridder/Tribune Business News, January, 2002
By Rosanna Ruiz, Houston Chronicle Knight Ridder/Tribune Business News
Jan. 29--More than 400 former Enron Corp. employees have filed a federal class-action lawsuit demanding company executives, Arthur Andersen and the administrator of their retirement plan "make good" on its losses.
The suit by the Severed Enron Employees Coalition alleges that the defendants, including former Enron executives Ken Lay and Jeff Skilling, encouraged employees to invest in Enron stock but were not truthful about the company's financial straits.
The suit also alleges the employees were restricted from selling stock in their retirement plan, causing millions of dollars in loses after Enron disclosed its financial irregularities.
Randy J. McClanahan, one...
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