A group of 10 former directors of Enron have agreed to pay $13 million out of their own pockets as part of the $168 million settlement of a lawsuit brought by one-time shareholders who lost billions of dollars in the company's collapse in 2001. According to a report on the website of New York Times, the announcement of the agreement, reached confidentially in October, came just days after former directors of WorldCom agreed to pay $18 million of their own money as part of the $54 million settlement with former shareholders whose investments were wiped out by the 2002 bankruptcy of the company. "The Enron settlement has broader implications for former executives who were not part of the agreement including Kenneth L. Lay, the former chairman, and Jeffrey K. Skilling, the former chief," the report said. The 10 directors who contributed personal assets were among 18 outside directors in the settlement. The highest amount contributed by a director was about $5 million."The 10 include several well-known figures including Wendy Gramm, the former chairwoman of the Commodity Futures Trading Commission and the wife of former Senator Phil Gramm; Robert Jaedicke, the former dean of the Stanford Business School; Robert Belfer, the chairman and chief executive of Belco Oil and Gas Corporation, and Rebecca Mark-Jusbasche, a former senior Enron executive and former chief executive of Azurix, an international water company founded by Enron," the report said.
