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...
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