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Tuesday, Jul 23, 2024
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GE Employees File Class-Action Lawsuit in San Diego

Three General Electric employees have filed a lawsuit in federal court in San Diego, alleging the company’s retirement fund investments breached its fiduciary duties, leading its employees to suffer hundreds of millions of dollars in losses in retirement savings.

In the class-action lawsuit, the plaintiffs are Kristi Haskins and Laura Scully of San Diego, and Donald Janak of Carrolton, Texas. They’re seeking remedy for 250,000 current and former GE employees, including holding GE liable for $700 million in plan losses, the removal of fiduciaries and levying a surcharge against the company and its retirement savings plan “for amounts involved in improper, excessive or illegal transactions.”

The complaint alleges GE prioritized profit and selected poorly performing retirement investments, managing them in ways that harmed the participants and beneficiaries.

Named defendants are GE, General Electric Retirement Savings Plan and 30 unnamed parties. A request for comment to GE wasn’t returned.

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