A $40 million settlement was approved this week by a federal judge, in the class action against GE. The lawsuit, brought by company retirees, alleged that GE's decision to use company stock as an investment and matching contribution in its retirement program was not economically prudent.
More than 318,000 potential class members received notices by mail. Each retiree who claimed financial damages as a result of the stock compensation, could receive up to $5,000 in damages.
GE also agreed to make another $30 million in "structural changes" to the retirement plan.