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Payments to Enron ex-workers botched

July 04, 2007|From the Associated Press

HOUSTON — More than 20,000 former Enron Corp. employees who finally received the first payment from a portion of millions in retirement funds lost during the company's collapse have been told they were either overpaid or underpaid because of a computer glitch.

Now some ex-workers might have to pay back money if they got too much.

Last year, former Enron workers received about $89 million, the first payment that is part of a lawsuit settlement over money they lost through the Houston-based company's employee stock ownership and 401(k) plans.

But nearly $22 million of the initial payment was miscalculated, said Harlan Loeb, spokesman for Enron, now known as Enron Creditors Recovery Corp.

About 7,700 ex-workers were overpaid, and about 12,800 were underpaid.

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