GE's $40M Pact Ends Financial Crisis Lawsuit

Law360, New York (April 30, 2013, 1:03 PM EDT) -- General Electric Co., its CEO Jeffrey Immelt and Chief Financial Officer Keith Sherin have agreed to pay $40 million to settle a class action alleging the iconic appliance company lied to investors about its financial health during the 2008 financial crisis, the lead plaintiff said Monday.

The State Universities Retirement System of Illinois, or SURS, asked a New York federal court to approve the deal, saying it was reached after “extensive investigation and discovery” that included witness interviews, two mediation sessions and the review of roughly...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.