UPDATE 3-General Electric in $49 mln settlement over Petters fraud [Reuters]
General Electric Company (GE)
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Source: Reuters
General Electric in $49 million settlement over Petters fraud | Reuters 3 Min Read (Reuters) - General Electric Co on Tuesday reached a $49 million settlement to end a long-running lawsuit over its relationship with Thomas Petters, the Minnesota businessman serving a 50-year prison term for running a multibillion-dollar Ponzi scheme. The settlement between GE and a trustee for two bankrupt Florida investment funds known as Palm Beach Finance, who was seeking $651 million, was filed with the federal bankruptcy court in West Palm Beach, Florida. Court approval is required. GE denied liability in agreeing to settle claims related to its General Electric Capital unit, one of Petters’ lenders. A spokeswoman, Jennifer Erickson, declined to comment. The accord removes a financial overhang for Boston-based GE, which is trying to cut costs while projecting lower 2019 cash flow and profitability from its core industrial operations. Petters, 61, was convicted in December 2009 on 20 counts includ
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