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General Electric in US$49 million settlement over Petters fraud

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General Electric Co has reached a US$49 million settlement to end a long-running lawsuit over its relationship with Thomas Petters, the Minnesota ...

REUTERS: General Electric Co has reached a US$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.

 

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