Northern Trust Co. today reached an agreement with plaintiffs in Tittle vs. Enron Corp. to seek court approval of a settlement for $37.5 million, to be paid to Enron's 401(k) and ESOP plan participations by Northern Trust's insurance carriers, said Richard Jurek, Northern Trust spokesman. The settlement will have to be approved by U.S. District Court Judge Melinda Harmon in Houston before it can be finalized. Northern Trust did not admit any wrongdoing.
The case was filed in 2001 on behalf of the participants in the two plans, which held Enron stock as an asset. Northern Trust was a directed trustee for the plans, which lost millions of dollars when Enron filed for bankruptcy amid an accounting scandal.