Judge Nixes Wire Fraud Charge In GE Bid-Rigging Suit

Law360, New York (August 25, 2011, 4:42 PM EDT) -- A New York federal judge on Thursday threw out a wire fraud charge against three former GE Capital executives who allegedly plotted to rig bids for municipal finance contracts, saying the charge was time-barred, but left six counts of conspiracy intact.

U.S. District Judge Harold Baer said that since the government had not shown proof that any financial institutions suffered an actual loss from the alleged scheme, the wire fraud count was subject to a statute of limitations of five years, not ten, and was therefore...
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