Class Action News
- Judge Tosses VW New Beetle Transmission Defect Class Action Lawsuit
- Appeals Court Approves comScore Privacy Class Action Lawsuit
- MDL Approved for Anheuser-Busch Watered-Down Beer Class Action Lawsuits
- Hurricane Sandy Victim Has Stored Property Auctioned Off
- FCC: Companies Now Liable for Unsolicited Calls Made by Third-Party Vendors
Drug Lawsuit News
|Enron Stock Victim Trust Fund SEC Lawsuit Settlement|
- Sunday, 14 December 2008 10:37
We're sorry! This settlement is CLOSED!
No more submissions are allowed.
Please join the Top Class Actions Newsletter
list so you don't miss out next time and head
over to the OPEN SETTLEMENTS section
to see what's available!
THIS IS NOT A CLASS ACTION LAWSUIT SETTLEMENT! It's the settlement of an investigation by the Securities and Exchange Commission involving the fraud that took place at Enron and affected the shares of Enron stock negatively. Shareholders who made their claim in the class action lawsuit settlement (which closed in April of 2008) may ALSO be able to make a claim in this settlement. If you didn't make a claim in the class action lawsuit settlement, you can still make your claim from this, the Enron Victim Trust Fund settlement. Please see the TCA Tidbit section for more info.
Award (how much your claim may be worth): $Varies depending on number of shares owned
Case(s): Securities and Exchange Commission v J.P. Morgan Chase & Co Civil Action No. H-03-CV-2877
Company(ies): Enron, J.P. Morgan Chase & Co.; Merill Lynch & Co., Inc; Canadian Imperial Bank of Commerce; Citigroup; Daniel Ferguson; Ian Schottlander and Mark Wolf; Kenneth D. Rice and Kevin P. Hannon; Raymond M. Bowen, Jr.; Wesley H. Cowell, Jr.; David W. Delainey; Mark E. Koenig; Paula J. Rieker; Cheryl I. Lipshutcz; Lou L. Pai
Website Link to access the Class Action Lawsuit Settlement and get YOUR Stake (Print out Claim Form here): Administrator Website
Address to submit paper claim (Required):
Enron Victim Trust
P.O. Box 6979
Syracuse, NY 13217-6979
Phone Number to call for Assistance: (866) 225-3511 or email firstname.lastname@example.org
Details: Head to the website and print out your claim form. If you have any questions on what to fill out, we recommend you call the Victim Trust Fund Settlement Administrator. They can walk you through the process. It's quite involved and covers securities purchased personally, through a broker or other ways. You don't want to mess this up, so call the Victim Trust Fund settlement administrator for assistance if you run into any questions or feel uncertain about how to fill out the form. Because it can vary so widely in how to fill out this particular claim form we aren't posting a walk through for it.
Purchased From: January 20, 1998 through November 7, 2001
Claims Accepted Until (YOU MUST SUBMIT YOUR CLAIM BY THIS DATE!): April 6th, 2009
Class Action Lawsuit Settlement Amount(s): $450,000,000 minus administrative costs (advertising the notice, settlement administrator expenses, etc.) No attorney fees listed as this investigation was headed by the SEC, and not a private law firm.
TCA Staff Tidbit: This settlement is the first item we're posting which ISN'T a class action lawsuit. The class action lawsuit settlement for Enron stock actually closed in April of 2008. This settlement is against all of those companies and individuals who helped support the Enron stock in one way or another and didn't blow the whistle on the inaccurate financial statements and projections Enron was making. The Enron Victim Trust Fund settlement is being paid by all of the individuals named in the Companies section except for Enron. This is the result of the SEC investigation started in 2001. Essentially the SEC has found that each company or individual listed was in one way or another a party in the fraudulent reporting which took place and negatively affected the price of Enron stock. As always, we highly recommend you make a claim if you purchased Enron stock between January 20th, 1998 and November 7th, 2001. As long as you purchased the stock for yourself, or through your broker, your claim should be processed. If you had a mutual fund or other type of group fund which purchased the stock as part of their portfolio than your claim will most likely be denied. This settlement is only covering investors who purchased the shares of stock individually, for their own personal portfolios. I hope that's not confusing!
If you have any questions on your eligibility, call or email the administrators. They'll be able to answer all of your questions and even mail you a paper claim form if necessary. Top Class Actions is UNABLE to send claim forms for any settlements listed on our site.
So, how much can you get? It's not entirely clear. The $450,000,000 fund (after expenses are taken out) will be split among all of the claimants through a sophisticated formula which depends on which type of share you owned. All leftover funds will go straight into the U.S. Treasury so make your claim or you'll help lower the deficit a fraction. I'd rather see the money go back into the piggy banks of those who lost money personally.
Another nice note is that former employees of Enron who were granted stock options or purchased shares are also typically eligible to make a claim as long as they're below the Director level. I think this is a positive because the vast majority employees of Enron had no idea of the amount of fraudulent reporting going on. If your job was to answer the phones at Enron, and you had your entire savings in their stock because the Executive team told you it was the best investment why should you lose out? Of course, no claimant is going to get all of their money back, but some is better then none every time. If the employee was a Director or above, or named in the investigation their claim will likely be denied.
If you have any questions on your eligibility to make a claim make sure to call or email the administrators. They're the ones paying out the claims and will be able to tell you if you should submit yours.
This site provides information about the law and class action lawsuit settlements designed to help users safely cope with their own legal needs. Legal information is NOT the same as legal advice - the application of law to an individual's specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. You should consider all postings or writings at TopClassActions.com by staff or others as personal opinion only and NOT the advice of a lawyer. Top Class Actions Legal Statement
Last Updated on Thursday, 27 December 2012 11:09