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.
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I am inquiring about retired people since 2011. We retires were told that we had to go to One Exchange and get this insurance In 2015 we were notified that we had to get new Supplemental Insurance to go along with Medicare. We also had to get another new Drug Plan. Everyones. benefits were dropped, and by our unions rules, GE was not suppose to drop us like this. We voted for these benefits, where GE was suppose to pay a lot of these benefits for the life of the retired person. Notice there is a Class Action against GE, but do not know if this is the same thing that happened in the GE Appliance Park in Louisville, Ky.. This is where I worked, so would like to hear from someone, to see if anyone knows about this last move about the retires at this time, where GE is forcing all the retires to make this One Exchange their representative to get their insurance through, when GE was suppose to pay these benefits till our death.
Any information would be greatly appreciated to find out how GE got away with dropping the retires benefits, when we voted a long time ago for them to stand by us.
Posted by Earl
What is the latest on the GE class action by retiree's?
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