General Electric in $49 million settlement over Petters fraud

March 26, 2019

(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)

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