GE Shareholder Actions Over Finance Unit Linked Up

Law360, New York (July 30, 2009, 12:53 PM EDT) -- A federal judge has ordered the consolidation of seven securities class actions against General Electric Co. that allege the multinational conglomerate misled investors about the health of its financial services subsidiary and its ability to continue paying substantial stock dividends.

In his order Wednesday, Judge Denny Chin of the U.S. District Court for the Southern District of New York also appointed the State Universities Retirement System of Illinois to serve as lead plaintiff in the shareholder litigation.

The case centers on allegations that GE, beginning in...
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