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British Director at Enron May Face Only Modest Losses.
Knight Ridder/Tribune Business News, February, 2002
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 7--Enron director Lord Wakeham's exposure to the collapse could be modest, so long as he has taken out personal insurance cover.
If so, a back-up policy from Enron will cover him for damages of UKpound 25 million for any wrongful act. If not, the back-up protection drops to $1 million (UKpound 709,000) per claim.
In two lawsuits filed in Texas, Wakeham is accused of three counts: breach of fiduciary duty; violation of disclosure requirements; and knowing participation in breach of fiduciary duty.
If found guilty of the first two, Wakeham, or his insurers, could pay compensatory damages to plaintiffs. The charges do not carry penalty payments on top. "Damages are fairly...
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