SEATTLE, March 4, 2025 /PRNewswire/ -- JND Legal Administration
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
SJUNDE AP-FONDEN and THE
CLEVELAND BAKERS AND
TEAMSTERS PENSION FUND,
individually and on behalf of all others
similarly situated, Plaintiffs, v. GENERAL ELECTRIC COMPANY, et al., Defendants. |
| Case No. 1:17-cv-8457-JMF Hon. Jesse M. Furman |
SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR ATTORNEYS' FEES
AND LITIGATION EXPENSES
TO: | All persons and entities that purchased or acquired General Electric Company ("GE") common stock between February 29, 2016 and January 23, 2018, inclusive ("Class Period") and were damaged thereby ("Class"). Certain persons and entities are excluded from the Class as set forth in detail in the Stipulation and Agreement of Settlement dated November 22, 2024 ("Stipulation") and the Notice described below. |
PLEASE READ THIS NOTICE CAREFULLY; IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York ("Court"), that the Court-appointed Class Representatives Sjunde AP-Fonden and The Cleveland Bakers and Teamsters Pension Fund (together, "Class Representatives"), on behalf of themselves and the Court-certified Class in the above-captioned securities class action ("Action"), have reached a proposed settlement of the Action with defendants GE and Jeffrey S. Bornstein (together, "Defendants") for $362,500,000 in cash that, if approved, will resolve all claims in the Action.
A hearing ("Settlement Hearing") will be held on April 24, 2025 at 11:00 a.m., before the Honorable Jesse M. Furman, United States District Judge for the Southern District of New York, either in person in Courtroom 1105 of the Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007, or by telephone or videoconference (at the discretion of the Court), to determine, among other things: (i) whether the Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to the Class, and should be finally approved by the Court; (ii) whether the Action should be dismissed with prejudice against Defendants and the releases specified and described in the Stipulation (and in the Notice) should be granted; and (iii) whether Class Counsel's motion for attorneys' fees in an amount not to exceed 25% of the Settlement Fund and payment of expenses in an amount not to exceed $10 million (which amount may include a request for reimbursement of the reasonable costs incurred by Class Representatives directly related to their representation of the Class) should be approved. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the case website, www.GeneralElectricSecuritiesLitigation.com.
If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. This notice provides only a summary of the information contained in the full Notice of (I) Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses ("Notice"). You may obtain a copy of the Notice, along with the Claim Form, on the case website, www.GeneralElectricSecuritiesLitigation.com. You may also obtain a copy of the Notice and Claim Form by contacting the Claims Administrator by mail at General Electric Securities Litigation, c/o JND Legal Administration, P.O. Box 91449, Seattle, WA 98111; by calling toll free 1-844-202-9485; or by emailing info@GeneralElectricSecuritiesLitigation.com. Copies of the Notice and Claim Form can also be found on the websites for Class Counsel and Liaison Counsel, www.ktmc.com and www.gelaw.com, respectively.
If you are a Class Member, in order to be eligible to receive a payment from the proposed Settlement, you must submit a Claim Form postmarked (if mailed), or online via www.GeneralElectricSecuritiesLitigation.com, no later than June 20, 2025, in accordance with the instructions set forth in the Claim Form. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any releases, judgments, or orders entered by the Court in the Action.
Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Class Counsel's motion for attorneys' fees and Litigation Expenses must be filed with the Court and delivered to Class Counsel and Defendants' Counsel such that they are received no later than April 3, 2025, in accordance with the instructions set forth in the Notice.
As this Class was previously certified and, in connection with class certification, Class Members had the opportunity to request exclusion from the Class, the Court has exercised its discretion not to allow a second opportunity to request exclusion in connection with the Settlement proceedings. If you previously requested exclusion from the Class in connection with class certification and wish to opt back into the Class to be eligible to receive a payment from the Settlement, you must submit a request to opt back into the Class so that it is received no later than April 3, 2025, in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE. All questions about this notice, the Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Claims Administrator.
Requests for the Notice and Claim Form should be made to the Claims Administrator:
General Electric Securities Litigation
c/o JND Legal Administration
P.O. Box 91449
Seattle, WA 98111
1-844-202-9485
info@GeneralElectricSecuritiesLitigation.com
www.GeneralElectricSecuritiesLitigation.com
All other inquiries should be made to Class Counsel:
Kessler Topaz Meltzer & Check, LLP
Sharan Nirmul, Esq.
Richard A. Russo, Jr., Esq.
Joshua A. Materese, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-610-667-7706
DATED: March 4, 2025 | BY ORDER OF THE COURT |
| United States District Court |
| Southern District of New York |
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SOURCE JND Legal Administration
