Court approves $61 million settlement in GE retirement plan lawsuit

A federal court has granted final approval for a $61 million cash settlement by General Electric Co. in a lawsuit alleging a GE retirement plan improperly offered proprietary funds, 401K Specialist reports. The lawsuit, filed by Sanford Heisler Sharp in 2017, alleged that GE's retirement plan, managed by GEAM, underperformed comparable funds and that defendants breached their duties of loyalty and prudence under the employee Retirement Income Security Act by refusing to consider better-performing funds.