Photo: Jonathan Weiss/Shutterstock.comGE Agrees to $362.5M Deal to End Shareholder Claims Over Power, Insurance Risks
The deal between General Electric and investors represented by Kessler Topaz Meltzer & Check had been reached in the lead-up to a trial that would have seen the company and investors squaring off on when executives became aware of what shareholders called “an undisclosed ticking time bomb."
November 27, 2024 at 01:39 PM
2 minute read
What You Need to Know
- General Electric was sued in 2017 for allegedly covering up liabilities in its power and health insurance businesses.
- The suit was filed shortly after GE's stock value plummeted by 74% after it came to light that GE’s insurance business held billions of dollars in liabilities stemming from policies that the company was unable to sell off.
- GE agreed to pay $362.5 million to shareholders to resolve the claims.
General Electric Co. agreed to pay $362.5 million to shareholders to end more than 7-year-old claims that the company covered up liabilities in its power and health insurance businesses that cratered company stock.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Out of Thin Scienter: Protecting Confidential Information in Light of ‘NVIDIA v. Ohman’
7 minute read
SEC Under Trump 2.0 Likely to Take More 'Measured' Enforcement Approach, Observers Say
Trending Stories
- 1Mediators for the Southern District of New York Honored at Eighth Annual James Duane Awards
- 2The Lawyers Picked by Trump for Key Roles in His Second Term
- 3Pa. High Court to Weigh Parent Company's Liability for Dissolved Subsidiary's Conduct
- 4Depo-Provera MDL Could Be Headed to California
- 5Judge Holds New York City in Contempt Over Conditions at City Jails
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
