General Electric wins partial dismissal of shareholder lawsuit

Business

FILE PHOTO: The General Electric Co. logo is seen on the company’s corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019. REUTERS/Alwyn Scott/File Photo

NEW YORK (Reuters) – A federal judge in Manhattan on Thursday partially dismissed a lawsuit by investors in General Electric Co that accused the company of concealing $24 billion in insurance liabilities and using fraudulent accounting to prop up its power business.

Judge Jesse Furman granted the shareholders permission to amend their complaint. The class-action lawsuit, originally filed in November 2017, consolidates six cases that sought to hold GE and its senior leaders accountable for falling profits in recent years.

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Reporting by Alwyn Scott, Editing by Rosalba O’Brien

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