The University of California announced today that the distribution of the over $7 billion settlement fund in the Enron securities class action has begun. The University of California serves as lead plaintiff for Enron investors in the class action, and is represented by the law firm Coughlin Stoia.
The school announced that today’s distribution is the initial stage of the process, and will involve the distribution to approximately 200,000 victims of almost $5 billion of the $7 billion recovered. The initial distribution, which is being handled by claims administrator Gilardi & Co., is a partial payment to most eligible claimants. The University of California stated that:
“the distribution is being conducted in stages because some claims remain in process due to the tremendous number of claims filed and their unique and complex nature. While additional distributions are anticipated, their timing and amount remain to be determined. Additional information for investors about the distribution is available at www.Gilardi.com/Enron/Securities.