GE Aerospace Agrees to Pay $362.5 Million to Settle Class Action Suit Over Power Unit-March 2024-www.financetom.com

GE Aerospace Agrees to Pay $362.5 Million to Settle Class Action Suit Over Power Unit

News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities

GE Aerospace Agrees to Pay $362.5 Million to Settle Class Action Suit Over Power Unit

Nov 26, 2024 9:39 AM

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

Previous page： FTC drops case over Microsoft's $69-billion Activision Blizzard deal Next page： Cargurus Insider Sold Shares Worth $1,455,635, According to a Recent SEC Filing

Comments

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.

Show More Comments

Related Articles >

FTC drops case over Microsoft's $69-billion Activision Blizzard deal

May 26, 2025

(Reuters) - The U.S. Federal Trade Commission dropped a case that sought to block Microsoft's $69-billion purchase of Call of Duty maker Activision Blizzard, saying on Thursday that pursuing the case against the long-closed deal was not in the public interest. The FTC lost an appeal on May 7 seeking to reverse a judge's decision declining to block the deal,...

Cargurus Insider Sold Shares Worth $1,455,635, According to a Recent SEC Filing

May 26, 2025

04:50 PM EDT, 05/22/2025 (MT Newswires) -- Langley Steinert, 10% Owner, Director, Executive Chair, on May 21, 2025, sold 45,862 shares in Cargurus ( CARG ) for $1,455,635. Following the Form 4 filing with the SEC, Steinert has control over a total of 660,707 Class A common shares of the company, with 644,189 shares held directly and 16,518 controlled indirectly....

Ccc Intelligent Solutions Holdings Insider Sold Shares Worth $272,400,000, According to a Recent SEC Filing

May 26, 2025

04:47 PM EDT, 05/22/2025 (MT Newswires) -- Eric Wei, Director, on May 20, 2025, sold 30,000,000 shares in Ccc Intelligent Solutions Holdings ( CCCS ) for $272,400,000. Following the Form 4 filing with the SEC, Wei has control over a total of 16,382,291 common shares of the company, with 16,382,291 controlled indirectly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1818201/000095017025076396/xslF345X05/ownership.xml ...

Google agrees $36 million fine for anti-competitive deals with Australia telcos

Aug 17, 2025

SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...