Florida State Board of Administration, Tallahassee, will file a petition today as lead plaintiff in a class-action lawsuit against Enron Corp. in U.S. District Court in Houston, said Tom Herndon, executive director of the $89 billion system. Mr. Herndon said todays filing does not seek specific damages. He expects other pension funds to join Florida in seeking to recover some of the losses suffered when Enron stock plunged in November in the wake of its bankruptcy filing. Florida owned nearly seven million shares of Enron stock and suffered losses of more than $300 million, he said.
Separately, U.S. District Court Judge Lee H. Rosenthal consolidated the many lawsuits currently filed against Enron, including those filed by Enron 401(k) participants, because they contained identical claims and overlapping legal issues. The judge divided the cases into three groups: derivative cases, federal securities cases and employee benefit plan cases, which include the 401(k) plan participant lawsuits.