GE Shareholders See Performance Cover-Up Claims Trimmed
Law360 (August 30, 2019, 3:35 PM EDT) -- General Electric and several of its executives escaped most of the securities fraud claims in a proposed shareholder class action accusing the industrial giant of covering up performance problems, after a New York federal judge trimmed the suit Thursday.
The investors had claimed that GE and its top brass misrepresented liabilities in its long-term care insurance portfolio and concealed struggling performance in its power generation division following a marketwide decline in energy equipment needs.
U.S. District Judge Jesse M. Furman threw out all claims related to GE's LTC insurance portfolio — finding that the investors failed to state a convincing claim...
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