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Enron chiefs sued for $25 billion

Twenty nine current and former top executives and board members -- including Kenneth Lay, chairman and chief executive -- of the American energy giant Enron are being sued for $25 billion.

Media reports quoting BBC said that New York-based Amalgamated Bank one of the company's shareholders has alleged that the executives sold millions of shares when they knew the plight of the company.

The bank is a big shareholder in Enron and lost many millions of dollars when the share price collapsed on the revelation of previously unknown debts of $13bn.

The bank alleges that executives at the top of Enron knew the true state of affairs and sold their shares before the price collapsed.

The BBC report further said that bank is also suing Texas Senator Phil Gramm's wife, Wendy Gramm.

Apart from banks and energy companies, which had contracts with Enron, the other main losers are the employees, most of whom had to invest in Enron shares as part of their pension.

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