This class action was filed in federal court in Houston, Texas under the Employee Retirement Income Security Act ("ERISA"). The Second Amended Complaint was filed on January 2, 2004, on behalf of all persons who were participants in or beneficiaries of the Enron Corporation Savings Plan, (401(k) Plan) from January 20, 1998, through December 2, 2001, (the Class Period) and who made or maintained investments in Enron stock. It also includes participants of the Enron Stock Ownership Plan or Cash Balance Plan during the Class Period.
The Second Amended Complaint alleges that during the Class Period the defendants breached their fiduciary duties when Enron and executives officers were made aware of numerous practices that made Enron's stock an inappropriate Plan investment during the Class Period. The fiduciaries failed in their duty to disclose and inform the plan participants regarding this information. Instead they encouraged participants and beneficiaries of the plans to continue to make and maintain substantial investments in the Company Stock Funds in the Plan.
Tittle was filed against Enron (NYSE:ENE), an Oregon Corporation and the following fiduciaries: Mary K. Joyce the named "Plan Administrator" in certain Annual Reports of the Plan; James S. Prentice named as the "Chairman of the Administrative Committee" in certain Enron public filings; and the "Administrative Committee" of the Plan from January 1, 1997, to the present, and individuals who are now or were in 2000 members of the Board of Directors. Other defendants have also been named. See Defendants for a complete list.
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