GE Must Refer Disputes In $2.6B Deal To Experts, Suit Says

Law360 (September 10, 2019, 8:55 PM EDT) -- A Swiss electrical equipment manufacturer sued General Electric on Monday asking a New York federal court to force GE to refer a $36 million dispute to independent experts, stemming from their $2.6 billion deal for GE's electrical parts company.

Zurich-based ABB Verwaltungs Ltd. had reached a $2.6 billion deal with GE in 2017 to buy its electrical parts company, GE Industrial Solutions. But the Swiss company now says GE underestimated its liability by some $28.6 million with respect to an electrical malfunction in certain switches, which could be subject to a recall.

It also accuses GE of omitting some $7.68 million...

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