12:15 PM EST, 11/26/2024 (MT Newswires) -- GE Aerospace (GE) agreed to pay $362.5 million to settle a class action complaint alleging the company and an executive failed to disclose risks from the power business, according to a court filing on Monday outlining a preliminary settlement.

The suit alleged that GE and former Chief Financial Officer Jeffrey Bornstein concealed material facts in public disclosures from February 2016 to January 2018 to "offset weaknesses in GE Power's cash flows," according to the court document.

The settlement filed in federal court in Manhattan is subject to approval by US District Judge Jesse Furman. GE and Bornstein denied any wrongdoing.

GE didn't respond immediately to a request for comment from MT Newswires.

Shares of GE rose 1.9% in recent trading Tuesday.

Price: 183.60, Change: +3.39, Percent Change: +1.88