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GE Consents to Class of ‘Hundreds of Thousands’ in 401(k) Suit

Dec. 16, 2019, 2:35 PM

General Electric Co. isn’t fighting a request to certify a class of “hundreds of thousands” of participants in its 401(k) plan who challenge the plan’s affiliated funds, according to court papers filed in the District of Massachusetts.

The unopposed motion seeks class certification for all participants in the GE Retirement Savings Plan since September 2011 who invested in one or more funds affiliated with the company. In exchange for GE’s promise not to oppose the motion, the plan participants dropped their claims against certain members of the company’s board of directors, according to the Dec. 13. motion.

A growing number ...