HTTP/1.0 200 OK Cache-Control: private, must-revalidate Content-Type: text/html; charset=UTF-8 Date: Sun, 29 Nov 2020 13:30:09 GMT Expires: -1 Pragma: no-cache rb88官方版
graphic
graphic  
graphic
News
graphic
401(k) investors sue Enron
graphic November 26, 2001: 2:36 p.m. ET

Employees who lost their retirement funds on company's shares fight back.
graphic
graphic graphic
graphic
graphic
graphic       graphic
  • 居然之家出击酒店用品市场 推进“大家居”战略 - Nov. 23, 2001
  • 官方表态:严禁城里人购买农村宅基地建别墅和会馆 - Nov. 22, 2001
  • Enron's woes grow - Nov. 20, 2001
  •  
    graphic
    HOUSTON (Reuters) - After climbing utility poles in all kinds of weather for 35 years, Roy Rinard was hoping to retire in a few years. But that was before the collapse of

    Enron Corp.'s stock price devoured his retirement savings.

    "I'm basically wiped out," said Rinard, 54, who works for Portland General Electric, an Oregon utility company acquired by the Houston-based energy trading firm in 1997.

    "I'm right back to ground zero and I'll have to go on working as long as I can," said Rinard, who suffers from arthritis and a lung condition that leaves him short of breath.

    Encouraged by Enron's then-strong performance and the company's bullish view of its future prospects, Rinard moved all of the money invested in his 401(k) retirement account into Enron stock earlier this year.

    But it proved to be a costly decision as the value of his account fell from $470,000 a year ago to around $40,000 today.

    Rinard now hopes a lawsuit filed in U.S. District Court in Houston will recover at least some of his money.

    The suit, filed on behalf of Enron (ENE: down $0.66 to $4.05, Research, Estimates) employees by Seattle-based law firm Hagens Berman, alleges that Enron breached its fiduciary duty by encouraging its employees to invest heavily in Enron stock without warning them of the risks in doing so.

    It is the third lawsuit filed on behalf of Enron employees, who have lost an estimated $850 million on Enron stock held in their 401(k) retirement accounts. The suits allege the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices. All three suits see class-action status.

    graphic  
    Enron's stock, which peaked at $90 in August 2000, closed at $4.74 Friday, after falling sharply in recent weeks amid a series of damaging financial disclosures.

    A broadly similar suit filed by the Keller Rohrback law firm, also of Seattle, alleges that another Enron employee, Pamela Tittle, lost $140,000 on Enron stock held in her retirement account.

    According to that suit, the Enron retirement savings plan had assets worth $2.1 billion at the end of last year, including $1.3 billion, or 62 percent of the total, in Enron stock.

    Doubts about Dynegy deal

    Enron, once a Wall Street favorite, agreed to be bought earlier this month by smaller energy trading rival Dynegy Inc. (DYN: down $1.04 to $39.36, Research, Estimates), but continuing problems at Enron have caused some analysts to question whether the deal will be completed.

    Doubts also have been expressed about a planned sale of Portland General to Northwest Natural Gas (NWN: down $0.46 to $24.53, Research, Estimates) .

    Hagens Berman plans to seek class-action status for its suit and says 21,000 Enron employees could be eligible to join it.

    The suit alleges that Enron "locked down" 401(k) retirement accounts on Oct. 17, preventing employees from changing the investments they held in their accounts until Nov. 19.

    During that period Enron reported its first quarterly loss in four years and took a charge of $1.2 billion against stockholders' equity as a result of off-balance-sheet deals that later came under investigation by U.S. regulators.

    In that time, Enron shares fell from $30.72 at the close of trading Oct. 16 to $11.69 Nov. 19.

    Enron spokeswoman Karen Denne said employees' access to the accounts was blocked as part of a previously planned change in the administration of the retirement plan and that the measure was in effect from Oct. 26. to Nov. 19.

    Steve Lacey, a 45-year-old emergency repair dispatcher who has worked for Portland General Electric for 21 years, said the measure came at a time when bad news about Enron was flying thick and fast, driving the stock price down at a dizzying pace.

    "We couldn't take our money out of Enron stock into another portfolio. Basically they had us locked down to where we had no say over our own future," he said.

    Lacey declined to quantify his own losses but said he and many of his colleagues had invested most of their retirement funds in Enron stock because it had performed better in the past than the other investments available under the Enron plan.

    Denne said Enron employees normally were able to choose among 18 different investment options, but Enron's matching contributions were always made in the form of its own stock.

    Lacey said he felt sorry for older colleagues at Portland General who had suffered a heavy financial blow just before they were due to retire, adding that he was only beginning to realize how serious the consequences could be for himself.

    "My goal was to have an extremely comfortable retirement, and that may be a little clouded now," he said.

    Meanwhile, on Monday, a Washington, D.C., lawyer who filed one of the lawsuits said he hopes heavy losses suffered by Enron employees will spur Congress to limit employee investments in their employers' stock through 401 (k) retirement plans.

    "How many workers have to lose both their jobs and their retirement savings before Congress steps in and puts a stop to this by placing a cap on the amount of company stock that can be in a 401 (k) plan?" lawyer Eli Gottesdiener asked.

    Like many other companies, Enron makes matching contributions to its employees' 401 (k) retirement accounts in its own stock. It also requires them to hold the stock they receive in matching contributions until they turn 50.

    Enron employees also were prevented from selling Enron stock held in retirement accounts for several weeks from mid-October due to a change in the retirement plan's administrator.

    Gottesdiener said investment advisors recommend investing no more than 15 percent of a portfolio in a single stock, but that participants in 401(k) plans offering employer stock as a choice typically hold 33 percent of their portfolio in that stock.

    "Congress sensibly placed a 10 percent limit on company stock in traditional defined benefit plans back in 1974, but at the behest of the corporate lobby, it placed no such cap on defined contribution plans," he said.

    The absence of such a cap in defined-contribution 401(k) plans was "completely indefensible," he said.

    Gottesdiener's suit alleges that Enron violated federal securities law by offering and selling Enron stock to employees without issuing a prospectus. If proven, this would give workers the right to reverse their purchases, he said. graphic

      RELATED STORIES

    2017年LED产业的几种发展趋势预测 - Nov. 23, 2001

    智能家居行业年度十大企业盘点:巨头间的角逐 - Nov. 22, 2001





    graphic

    ● 一群非法投票人在六个投票点出现给希拉里投票,你们还以为选民骗局是假的吗?
    accurate
    来自的日本的Kazutaka Kurihara和 Koji Tsukada被授予声学奖,以奖励他们发明的“沉默枪”——这是一种可以打断人说话的机器,其原理是让说话者听到自己稍有延迟的说话声音,这个装置可以治疗在特定演讲中容易结巴的人。
    ultimate
    Companies are always looking to save money, and outsourcing some roles to freelancers can help. Virtual assistants can perform many of the duties of full-time staffers, but with less commitment. These workers could help expand a business, or just encourage things to run more smoothly.
    8) I am a closed kind of person 0 1 2 3 4
    粮食指数下滑约3%。
    This so-called “playground for millionaires” is now open to everyone. The wallet-friendly hotels, guesthouses and self-catering apartments make tours affordable. With more than 100 divine islands scattered on the Indian ocean, many activities await, such as sunbathing, fishing, diving, sailing, and going on boat tours. The Seychelles islands are blessed with a warm tropical climate all year round, so you can go there whenever you want.
    基准原油价格上周跌破每桶40美元大关,至六年最低位,导致投资者对大宗商品相关企业和出口国家(包括巴西、俄罗斯和南非)情绪更加黯淡。
    11月份,财新赞助的中国综合PMI指数读数为50.5。这是自7月份以来,该指数首次超过50这个区分收缩和扩张的荣枯线。
    沃尔玛美国公司总裁兼首席执行官比尔西蒙
    Are you looking at the clothes? Eva Longoria Parker stripped off as she posed with husband Tony to advertise the London Fog fashion line. Eva Longoria Parker s
    China's economy grew last month, according to a closely-monitored PMI series - which indicated growth for the first time in four months.
    四年前,玛蒂还是一个默默无闻的8岁小女孩,她喜欢跳舞,就读于当地一所小学。
    在桑迪飓风登陆新泽西Mantoloking之后的早晨,洪水包围了Mantoloking大桥附件的房屋。

    The valuation that all this good news is creating for Tesla is truly astonishing. A Tesla watcher named Zoltan Ban, writing in Seeking Alpha, figures that Tesla is already priced as if it sells several hundred thousand cars a year when in reality it will sell only about 35,000 in 2014. Another way of looking at this: At current prices, each car the company sells this year is valued at $1 million.
    There is a salary gap of nearly 22 per cent between male and female graduates three years after they finished their courses, $90,000 compared to $73,000. That gap had been 17 per cent whenstudents first graduated, so thisdifference has widened over time(see chart).
    还有呢,就是道德。“如果你通过使用公司的设备来设法离开这里就实在对你的雇主太不公平了。”福斯说。
    小编碎碎念:华裔球员林书豪的一夜爆红,让因病缺阵的尼克斯当家球星小甜瓜安东尼颇有几分“躺着也中枪”的无辜感。
    怎么玩吉他
    如果你认为一开始准确判断应增持和减持哪些行业的股票是件难事,在年内不断调整投资组合更是难上加难。11月,野村证券一位定量分析师向《巴伦周刊》表示:“行业领军者每个月都在变换,其变化速度之快,在股市数十年未见。即便你选对了某行业的个股,由于市场环境瞬息万变,业绩也根本无法持续。”
    Hailed as one of the greatest films of all time, Taxi Driver tells the story of a depressed ex-Marine who attempts to assassinate a senator after being rejected by a woman he admires. While the titular taxi driver, Travis Bickle, lives a chaotic life filled with drug dealers and prostitutes, his story was never meant to be an unrealistic fantasy. Rather, it meant to expose the very real warning signs of a would-be gunman.
    "She gave her surname as Han when registering, which is also different from the name Su in media reports," the employee said.
    一个坐牢的诈骗高手爱上狱友并多次越狱,这看起来只能是小说情节,但却多少是斯蒂文·杰伊·拉塞尔的真人真事。与金·凯瑞饰演的电影主角一样,拉塞尔最初因诈骗入狱。他的男朋友吉米得了艾滋病,为了陪他,拉塞尔逃脱了这次刑罚。两年后拉塞尔被抓回监狱,不久吉米就去世了。
    We'll start our review with the South American nations, and who else could we begin with, but the hosts Brazil. Rewind 18 months and they looked like they'd be struggling, but the appointment of 'Big Phil' Scolari has been inspired, and he's brought a belief to the team that was previously missing. Last years 3:0 demolition of Spain in the Confederations Cup final shocked many experts, and all of a sudden the Brazilians have expectations on them. Whilst you can't argue with that scoreline, we still wonder if Brazil have the firepower to win such a long tournament. Neymar is expected to conjure up the magic, but they're relying on Fred to come up with the goals. No disrepect to Fred, but the last two Brazilian teams to win the World Cup, in 2002 and 1994, could count on the likes of Ronaldo and Romario to lead the front line, two genuine legends of the game.
    ex出,tend伸-伸出-延长;扩大
    The questions New Yorkers ask the column are dictated not only by their individual circumstances but also by the larger issues of the day, like rising housing costs, gentrification and shoddy construction. In the end, 2014 was a year of things going up — home prices, rents and, above all, buildings, with 16,700 units approved for construction through October, according to the Real Estate Board of New York.
    然而,华尔街和硅谷对库克的态度转为欣赏,不仅仅是因为苹果本季度有望卖出7000万部iPhone,或者上季度销售额达到了420亿美元。
    He said game and live-broadcast apps currently hosted by Tencent don't require real-name registration, but the company is considering establishing a platform for parents to monitor their children's behavior.
    However, the figures suggest that the pace of Chinese investment in western economies may be slowing.

    graphic