Lay’s Estate to Settle Enron Pension Claims

The estate of Kenneth L. Lay, who died after being convicted of heading a fraud that destroyed Enron Corp., agreed to pay $12 million to settle claims on behalf of participants in company pension plans, the Labor Department said.

The proposed agreement must be submitted to a Houston court for approval, and final recovery will depend on the amount of assets available for distribution from Lay’s estate, the government said.