Employment and FLSA Litigation - Written by Beasley Allen on Tuesday, September 8, 2009 12:43 - 1 Comment
General Electric Co. has agreed to pay a settlement worth $40 million to end a class action filed on behalf of 318,000 current and former employees who claimed the conglomerate imprudently invested more than two-thirds of the assets of their 401(k) retirement savings plan in company stock. GE had made the decision to put up company stock as an investment and matching contribution to its retirement program. The Plaintiffs contended that the investment of GE stock wasn’t economically prudent and that losses occurred as a result. Judge Gary L. Sharpe approved a settlement that would provide over $10 million in cash to former plan participants and $30 million worth of structural changes to benefit current employees.
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