Enron directors settle shareholder suit for $168 million News
Enron directors settle shareholder suit for $168 million

[JURIST] Ten former directors of Enron have agreed to pay $168 million to settle a lawsuit by shareholders, according to lead plaintiff University of California. The settlement, announced Friday, involves an out-of-pocket payment by the former directors of $13 million, with the rest being provided by insurance. The lawsuit had claimed that the Enron executives deceive investors by reporting increased cash flow from operations and by moving billions of dollars of debt off their balance sheets, thereby artificially inflating securities prices. The University of California says it will see court approval of the settlement next week. The UC press release detailing the settlement terms is here; UC provides background on the case, including the original April 2002 complaint, here. Reuters has more.