2nd Cir. Upholds Dismissal of ERISA Class Action Involving GE’s Reinsurers
February 11, 2021
- Summary Order
NEW YORK – A federal appeals court has refused to revive a proposed class action accusing General Electric of causing its stock to plummet by failing to ensure that its insurance subsidiaries had adequate reserves, finding the plaintiff’s suggestions as to what the company should have done might "do more harm than good."
In a Feb. 4 summary order, a 2nd Circuit U.S. Court of Appeals panel concluded that GE did not violate the Employee Retirement Income Security Act.
As a GE employee, Adele Varga participates in GE's 401(k) retirement plan. One of the 401(k)'s options is a GE Stock …