The Delaware Court of Chancery has ruled that a pension fund squeezed out of its stake in General Electric's financial services unit has standing to sue on behalf of itself and similarly situated stockholders, who claim they were shortchanged in a merger.
December 07, 2016 at 05:08 PM
1 minute read
The Delaware Court of Chancery has ruled that a pension fund squeezed out of its stake in General Electric’s financial services unit has standing to sue on behalf of itself and similarly situated stockholders, who claim they were shortchanged in a merger.
The plaintiff, IATSE Local No. One Pension Fund, claims that its preferred stock in General Electric Capital Corp. was replaced with less valuable GE stock after the company rolled GECC into the parent company in 2015.
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