General Electric Co has reached a $49 million settlement to end a long-running l...
- General Electric Co has 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.
GE denied liability in agreeing to settle claims related to its General Electric Capital unit, one of Petters’ lenders. It did not immediately respond to requests for comment. Prosecutors said Petters bilked investors who thought he was using their money to buy consumer electronics from wholesalers and resell them to big-box retailers such as Costco Wholesale Corp and Walmart Inc’s Sam’s Club.
The settlement came after U.S. Bankruptcy Judge Paul Hyman in June 2017 refused to dismiss the lawsuit, which accused GE Capital of conspiring to commit fraud. Hyman had previously dismissed eight other claims.
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