General Electric wins partial dismissal of shareholder lawsuit

NEW YORK (Reuters) - A federal judge in Manhattan on Thursday partially dismissed a lawsuit by investors in General Electric Co that accused the company of concealing $24 billion in insurance liabilities and using fraudulent accounting to prop up its power business. Judge Jesse Furman granted the shareholders permission to amend their complaint. The class-action lawsuit, originally filed in November 2017, consolidates six cases that sought to hold GE and its senior leaders accountable for falling profits in recent years

Reuters August 30, 2019 04:05:39 IST
General Electric wins partial dismissal of shareholder lawsuit

General Electric wins partial dismissal of shareholder lawsuit

NEW YORK (Reuters) - A federal judge in Manhattan on Thursday partially dismissed a lawsuit by investors in General Electric Co that accused the company of concealing $24 billion in insurance liabilities and using fraudulent accounting to prop up its power business.

Judge Jesse Furman granted the shareholders permission to amend their complaint. The class-action lawsuit, originally filed in November 2017, consolidates six cases that sought to hold GE and its senior leaders accountable for falling profits in recent years.

(Reporting by Alwyn Scott, Editing by Rosalba O'Brien)

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