Civil Litigation
Sep. 28, 2017
GE hit with $700M class action
The lawsuit claims GE intentionally invested in poor performing mutual funds.
A $700 million putative class action filed Wednesday accuses General Electric of unlawfully prioritizing profits at the expense of its employees’ retirement plans.
The lawsuit, filed by Sanford Heisler Sharp LLP on behalf of three of GE’s plan beneficiaries, claims that GE ignored the poor performance of its internal asset managing company because it knew it would ultimately profit from the investment management fees it charged its ...
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