General Electric wins partial dismissal of shareholder lawsuit


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.


Reporting by Alwyn Scott, Editing by Rosalba O’Brien


Articles You May Like

Horse racing: Hollendorfer banned from Breeders’ Cup
Czechs must build nuclear plants even if in breach of EU law, says PM
Gymnastics: Nagornyy claims vault gold as Russia raise the roof in Stuttgart
Japan typhoon death toll climbs to 74, rescuers search for missing people
Plastic bottles vs. aluminum cans: who’ll win the global water fight?

Leave a Reply

Your email address will not be published. Required fields are marked *