Please note: This website pertains to the Settlement of a private securities class action filed against General Electric. The General Electric Fair Fund administered by the U.S. Securities and Exchange Commission is separate from this Settlement. If you wish to be eligible for a payment from this Settlement you must submit a Claim for this Settlement, even if you previously submitted a claim for the General Electric Fair Fund.
A Claim can be filed via the "File A Claim" tab on this website. You can also download a Claim Form from the tab. The deadline to file a Claim is June 20, 2025.
The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Proposed Settlement; (II) Settlement Hearing; and (III) Motion For Attorneys’ Fees and Litigation Expenses (“Notice”). Because this website is just a summary, you should review the Notice and Frequently Asked Questions for additional details.
Summary of the Action
This website relates to the settlement of claims in a pending securities class action ("Action") brought by investors in General Electric Company (“GE”) common stock alleging that defendants GE and Jeffrey S. Bornstein's (together, “Defendants”) violated the federal securities laws by making materially false or misleading statements and omissions during the period between February 29, 2016 and January 23, 2018, inclusive (“Class Period”). More specifically, the Action alleged that Defendants' public disclosures during the Class Period concealed material facts concerning, among other things, GE’s reliance on intercompany factoring transactions to offset weaknesses in GE Power’s cash flows from operations during the relevant time period. The Action further alleged that the price of GE common stock was artificially inflated as a result of Defendants’ allegedly false and misleading statements and declined when the truth was revealed through a series of partial corrective disclosures. Defendants deny all of the allegations of wrongdoing asserted in the Action and deny any liability whatsoever to any member of the Class.
Court-appointed Class Representatives Sjunde AP-Fonden (“AP7”) and The Cleveland Bakers and Teamsters Pension Fund (“Cleveland Bakers” and together with AP7, “Class Representatives”) have reached a proposed settlement of the Action for $362,500,000 in cash (“Settlement”) with Defendants. The full terms of the Settlement are set forth in the Stipulation and Agreement of Settlement dated November 22, 2024 ("Stipulation") which can be found on the "Important Documents" page of this website. If approved by the Court, the Settlement will resolve all claims in the Action. The history of the Action and the claims being released by the Settlement are detailed in paragraphs 4-32 and 44-50 of the Notice.
If you are a member of the Class, you are subject to the Settlement. The Court-certified Class consists of:
All persons and entities that purchased or acquired GE common stock between February 29, 2016 and January 23, 2018, inclusive and were damaged thereby.
Excluded from the Class are: (a) Defendants; (b) GE's subsidiaries and affiliates; (c) any officer, director, or controlling person of GE, and members of the immediate families of such persons; (d) any entity in which any Defendant has a controlling interest; (e) Defendants' directors' and officers' liability insurance carriers, and any affiliates or subsidiaries thereof; and (f) the legal representatives, heirs, successors, and assigns of any such excluded party. Also excluded from the Class are any persons and entities that submitted a request for exclusion in connection with Class Notice as set forth in Appendix 1 to the Stipulation that do not opt back into the Class in accordance with the instructions in paragraph 66 of the Notice.
Please read the Notice to fully understand your rights and options. If you are a member of the Class, your rights will be affected by the Action and the Settlement. If you do not meet the Class definition, the Notice does not apply to you. If you are uncertain whether you are a member of the Class, please contact Class Counsel, or your own attorney.
Payments to eligible claimants will be made after the Court approves the Settlement and the completion of all claims processing. Please be patient, as this process will take some time to complete.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT |
| SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN JUNE 20, 2025. |
This is the only way to be eligible to receive a payment from the Settlement. If you are a Class Member, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 45 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 46 of the Notice), so it is in your interest to submit a Claim Form.
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| OPT BACK INTO THE CLASS IF YOU PREVIOUSLY EXCLUDED YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST TO OPT BACK INTO THE CLASS SO THAT IT IS RECEIVED NO LATER THAN APRIL 3, 2025. |
If you previously submitted a request for exclusion from the Class in connection with Class Notice and now want to be part of the Class so that you can submit a Claim and be eligible to receive a payment from the Settlement, you must follow the steps for “Opting Back Into the Class” as set forth in paragraphs 64-67 of the Notice. If you previously submitted a request for exclusion from the Class in connection with Class Notice and wish to remain excluded from the Class, no further action is necessary.
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| OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN APRIL 3, 2025. |
If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel’s request for attorneys’ fees and Litigation Expenses, you may object by writing to the Court (as described in paragraphs 72-78 of the Notice). In order to object, you must be a member of the Class.
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| GO TO A HEARING ON APRIL 24, 2025 AT 11:00 A.M. AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN APRIL 3, 2025. |
Ask to speak in Court at the Settlement Hearing, at the discretion of the Court, about the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel's request for attorneys' fees and Litigation Expenses.
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| DO NOTHING. |
Get no payment from the Settlement. You will, however, remain a member of the Class, which means that you give up any right you may have to sue about the claims that are being resolved by the Settlement, and you will be bound by any judgments or orders entered by the Court in the Action.
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How do I obtain more information?
Detailed information about the Action and the Settlement is contained in the Notice. Additional information about the Action and the Settlement can also be obtained by contacting the Claims Administrator by calling toll-free 1-844-202-9485; or emailing info@GeneralElectricSecuritiesLitigation.com; or mailing a letter to:
General Electric Securities Litigation
c/o JND Legal Administration
P.O. Box 91449
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.
© JND Legal Administration. All rights reserved.
