Agreement between Ken Lay’s Estate and Department of Labor

The Department of Labor reached a settlement with the estate of Kenneth Lay, former Enron executive. Lay was convicted on fraud and conspiracy charges earlier this year, and died on July 5th.

The settlement gives DOL a $12 million claim against Lay’s estate on behalf of participants in Enron’s pension plans. The actual amount recovered will depend upon the assets available for distribution from the estate.

The settlement doesn’t excuse Lay’s co-defendant Jef Skilling, who will be sentenced on October 23.