Employment and FLSA Litigation - Written by Beasley Allen on Tuesday, September 8, 2009 12:43 - 1 Comment

General Electric settles ERISA class action for $40 million

General Electric Co. has agreed to pay a 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 that would provide over $10 million in cash to former plan participants and $30 million worth of structural changes to benefit current employees.

Source: Law360



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Joseph D. DeGilio
Jul 30, 2010 8:45

I worked for GE (1960-1994) and joined the Saving & Security Plan until it was “transferred” to a 401k by GE. This was not my choice but I had no say in the matter. Also, I was not happy about my pension being “transferred” to Lockheed, but again I had no say in the matter.

I thought GE was a better company than that, I was wrong!

Joseph DeGilio

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