Pension Funds Consider Action Against Enron
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Some big pension funds that invested in Enron Corp. said they are considering legal options in the wake of the energy giant’s stock collapse and a regulatory probe of its dealings.
Spokesmen for the New York state and city comptrollers and an official from Amalgamated Bank, a trustee of workers’ retirement funds, said they were looking into lawsuits stemming from Enron’s murky financial dealings and stock plunge.
Pension funds and mutual funds have been big holders of Enron, once a Wall Street darling whose stock has plunged 89% this year.
Five New York City pension funds hold about 2.9 million Enron shares, said David Neustadt, a spokesman for the New York City Comptroller’s Office. The funds serve teachers, police and other city workers.
Enron shares fell 48 cents to $9 on the New York Stock Exchange.
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