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Retirement
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Enron to give severance pay
Enron may distribute $5M to former employees; hearing on $73M set for April.
March 5, 2002: 4:23 p.m. ET
graphic NEW YORK (CNN/Money) - Enron could start distributing $5 million in hardship aid to its laid-off employees by the end of this week, as attorneys prepare arguments on whether they should get more, said Lowell Peterson, a lawyer representing some of the severed employees. 

A hearing on the employees' request  for $73 million in severance payments will be held April 2 before Judge Arthur Gonzalez.

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The judge authorized creation of the $5 million hardship fund for workers last week. It amounts to about $1,100 for each of the more than 4,500 employees laid off.

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Some employees had been concerned that Enron might not distribute the money directly to the former employees, saying the judge did not specify how it should be done.

The former Enron employees contend they are owed more than the $4,500 they were given when they were laid off in December.

Lawyers of all parties and the judge held a conference call Tuesday to discuss the severance payments. graphic
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Former UBS PaineWebber analyst says firm fired him for putting a "sell" rating on Enron - Mar. 5, 2002




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