GE, Investors Settle GE Power Claims for Nearly $363 Million (1)

General Electric Co. and investors have agreed to a nearly $363 million settlement of class claims over an operating cash shortfall less than a month before trial, according to a federal court filing.

The request for preliminary approval of the settlement was filed Monday in the US District Court for the Southern District of New York. The shareholders will request attorneys’ fees of up to 25% of the settlement amount, according to the filing.

The investors alleged the conglomerate failed to disclose that its GE Power unit, which enters long-term contracts to maintain and service customers’ gas-powered turbines, was keeping ...