Case: GE

GE Retirement Plan Participants Want ERISA Suit Kept Intact

February 11th, 2019

By Adam Lidgett Law360 (February 11, 2019, 7:48 PM EST) — A proposed class of General Electric Co. workers urged a Massachusetts federal judge on Monday not to rethink her decision allowing a claim that GE improperly invested workers’ retirement savings in subpar company-affiliated funds to move forward. The workers opposed a January motion to […]

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GE Says Judge Misunderstood Prohibited Transaction Claim

January 11th, 2019

By Emily Brill Law360 (January 11, 2019, 8:17 PM EST) — General Electric Co. on Friday asked a Massachusetts federal judge to reconsider her decision to allow a claim that GE improperly invested workers’ retirement savings in subpar company-affiliated funds, telling the judge she misinterpreted the conditions under which an exemption to the Employee Retirement […]

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GE Must Face Bulk Of ERISA Suit

December 17th, 2018

By Danielle Nichole Smith Law360 (December 17, 2018, 4:32 PM EST) — A Massachusetts federal judge cut one claim from a proposed class action alleging that General Electric Co. wrongly invested its retirement plan participants’ savings in subpar affiliated funds, but allowed the rest of the Employee Retirement Income Security Act suit to go forward. […]

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General Electric 401(k) Lawsuits Poised for Law Firm Battle

December 6th, 2017

By Jacklyn Wille General Electric Co. is trying to streamline the recent flood of litigation over its retirement plan fees, but at least one plaintiffs’ law firm is promising to put up a fight. GE Dec. 4 asked a judge to transfer a proposed class action over its $28.5 billion 401(k) to a federal court […]

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Lawsuit alleging General Electric ripped off its workers shows the pitfalls of 401(k) plans

October 17th, 2017

By MICHAEL HILTZIK Can your employer be trusted to manage your retirement fund exclusively for your own benefit? That’s the question raised by a lawsuit recently brought against General Electric Co., stating that the answer is a resounding no. The case, filed Sept. 26 in San Diego federal court, concerns GE’s 401(k) plan, one of […]

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GE sued for $700M over 401(k) management

September 29th, 2017

Class action status sought for up to 250,000 plan participants By John Cropley SAN DIEGO — Three participants in the GE Retirement Savings Plan are suing the company and the plan trustees for $700 million, saying they breached their fiduciary responsibilities and engaged in double-dealing. Attorneys for the three plaintiffs — two San Diego women […]

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GE Accused Of Losing $700M In Retirement Plan Investments

September 27th, 2017

By Kat Greene Law360, Los Angeles (September 27, 2017, 8:28 PM EDT) — General Electric Co. took its retirement plan investors’ money and parked it in company-run funds even as they continued to perform poorly, according to a proposed class action in California federal court filed Tuesday that says the company violated ERISA and cost […]

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GE Faces Potential $700M ERISA Class Action

September 27th, 2017

P.J. D’Annunzio, The Recorder General Electric has been hit with a class action lawsuit demanding $700 million over claims that the corporation engaged in self-dealing in handling its employees’ retirement plans. According to the lawsuit filed Sept. 26 in U.S. District Court for the Southern District of California, GE selected proprietary mutual funds for its […]

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General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 27th, 2017

Plaintiffs allege GE breached fiduciary duties by selecting proprietary funds prior to sale to State Street BY ROB KOZLOWSKI Three participants in General Electric Co.’s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District […]

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Sanford Heisler Sharp Files $700 Million ERISA Class Action Against General Electric Company And General Electric Retirement Savings Plan

September 27th, 2017

SAN DIEGO, Sept. 27, 2017 /PRNewswire/ — Sanford Heisler Sharp LLP today filed an ERISA individual and class action against General Electric Company (NYSE: GE), General Electric Retirement Savings Plan (“the Plan”) Trustees, and 30 unnamed defendants in U.S. District Court for the Southern District of California. The Complaint asserts that GE and the Plan […]

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