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| 2002 News and Press Releases |
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HEADLINE ARCHIVED:
Prospects Brighten For Plaintiffs In Worldcom Lawsuits
By: Ana Radelat
Gannett News Service. October 03, 2002
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EXCERPT: WorldCom employee Steve Vivien's hope of recouping some of the $400,000 he lost in his company-sponsored retirement plan is looking brighter lately because the Labor Department has said it will defend the rights of employees to sue top executives for plan losses. The Labor Department indicated this week that its recent court filing on behalf of Enron workers who lost money in their 401(k) savings plans could be the first of multiple efforts to help workers reclaim their lost investments. In uncompromising and sometimes blistering language, the department asked a federal judge to reject efforts by former Enron executives to be absolved of their legal responsibilities for losses suffered in the company's 401(k) savings plan. The case is expected to have a nationwide effect on a dozen similar class-action lawsuits by employees at WorldCom and other troubled companies who lost money and retirement security because they invested their 401(k) plans in company stock.
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