GE Settles ERISA Class Action For $40M

Law360, New York (August 7, 2009, 1:45 PM EDT) -- General Electric Co. has agreed to pay a settlement worth $40 million to end a class action filed on behalf of 318,000 current and former employees who claimed the conglomerate imprudently invested more than two-thirds of the assets of their 401(k) retirement savings plan in company stock.

Judge Gary L. Sharpe approved a settlement that would provide over $10 million in cash to former plan participants and $30 million worth of structural changes to benefit current employees, in a final order issued Wednesday in the U.S....
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