Our attorneys are investigating allegations that General Electric funneled its workers’ 401(k) assets into GE’s own mutual funds, which were run by one of GE’s subsidiaries. Most of GE’s mutual funds performed poorly when compared to industry benchmarks, at least in part because GE steered its workers’ 401(k) money into mutual funds run by its subsidiary, General Electric Asset Management (GEAM), which charged excessive fees and benefitted GE at the expense of plan participants.
You may be affected if you worked for GE, contributed to your 401(k), and invested your 401(k) assets in any of the following GE mutual funds:
– GE Institutional International Equity Fund
– GE Institutional Small Cap Equity Fund
– GE Institutional Strategic Investment Fund
– GE RSP U.S. Income Fund
– GE RSP U.S. Equity Fund
We are investigating whether General Electric breached its obligations to employees. GE acts as a “fiduciary” when it manages its workers’ retirement plan. The federal Employee Retirement Income Security Act (ERISA) states that employers, as fiduciaries, must invest their employees’ retirement funds “solely in the interest of the participants and beneficiaries.”
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States.
If you are a current or former GE employee and invested in the above funds through GE’s 401(k) plan, and have information relevant to our investigation or want to learn more about it, please contact:
Milberg LLP has been representing consumers and investors for more than five decades and serves as lead counsel in federal and state courts throughout the United States.