General Electric in $49 million settlement over Petters fraud

General Electric in $49 million settlement over Petters fraud

FILE PHOTO: The logo of U.S. conglomerate General Electric is pictured at the company’s site of its energy branch in Belfort, France, February 5, 2019. REUTERS/Vincent Kessler/File Photo

(Reuters) – 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.

The settlement between GE and a trustee for two bankrupt Florida investment funds known as Palm Beach Finance was disclosed in a Tuesday filing with the federal bankruptcy court in West Palm Beach, Florida.

GE denied liability in agreeing to settle.

Reporting by Jonathan Stempel in New York; Editing by Phil Berlowitz

Related posts