General Electric (GE +0.1%) will pay $40M to settle a lawsuit stemming from a 77% decline in the...

|About: General Electric Company (GE)|By:, SA News Editor

General Electric (GE +0.1%) will pay $40M to settle a lawsuit stemming from a 77% decline in the value of the company's shares over a six-month period during the financial crisis. State Universities Retirement System of Illinois claimed the company hid bad debt tied to subprime loans, an accusation GE believes is "without merit." Nonetheless, the company says it is "in the best interests of shareholders [to] avoid diverting significant resources to" the lawsuit.