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

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

1793209405 Law
October 28, 2026
FINRA Panel Orders Kingswood Capital Partners and Executives to Pay Former Advisor $11.3 Million

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Kingswood Capital Partners LLC, CEO Michael Nessim, and Chief Compliance Officer Mohamed Alsoraimi to pay former advisor Rikin Patel $11,341,369.25.

1793123026 Law
October 27, 2026
CFTC Seeks Public Comment on Proposed Crypto Asset Regulatory Framework

The Commodity Futures Trading Commission (CFTC) has issued an Advanced Notice of Proposed Rulemaking (ANPRM) seeking public comment on a potential regulatory framework for retail commodity transactions involving crypto assets, which the agency calls "CTXs." According to the CFTC's press release, the initiative focuses on Section 2(c)(2)(D) of th...

1793034027 Law
October 26, 2026
FINRA Bars Former Wedbush Broker Over $3.5 Million in Complex ETP Losses

The Financial Industry Regulatory Authority (FINRA) barred former Wedbush Securities broker William H.