Tr?id=566623520170033&ev=PageView&noscript=1

Record $61 Million Settlement Reached in GE's 401(k) Lawsuit

Posted on November 7th, 2023 at 1:25 PM
Record $61 Million Settlement Reached in GE's 401(k) Lawsuit

From the desk of Jim Eccleston at Eccleston Law 

General Electric has reached a $61 million settlement in a protracted lawsuit concerning its 401(k) plan, marking one of the largest settlements in ERISA litigation history.

Pending court approval, this agreement will end a six-year legal battle against GE. Plaintiffs had alleged that the company breached its fiduciary responsibilities by including its proprietary investment options in the $30.3 billion plan's offerings and retaining them for over a decade.

According to InvestmentNews, the recently reached settlement is the largest ever ERISA case alleging that a retirement plan offered proprietary funds improperly. The agreement was made just before the court planned to issue a decision on summary judgment requests from both parties.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank you so very much for your guidance, patience, and expertise.

Beth and Steve K.

LATEST NEWS AND ARTICLES

1781028252 Law
June 9, 2026
FINRA Arbitration Panel Orders &Partners and Broker to Pay Wells Fargo $1.25 Million

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered &Partners and broker David M.

1780940050 Law
June 8, 2026
FINRA Sanctions Oppenheimer for Misclassified Client Statements Involving CMOs

The Financial Industry Regulatory Authority (FINRA) has fined and censured Oppenheimer & Co.

1780676353 Law
June 5, 2026
Redemption Pressure Mounts Across Private Credit and Non-Traded BDC Market

Investors continued pulling money from private credit and nontraded business development companies ("BDCs") during the first quarter of 2026 as concerns about liquidity and portfolio valuations intensified across the sector, according to reporting by InvestmentNews.