General Electric Co. has reached a $49 million settlement to end a long-running lawsuit over its relationship with Thomas Petters, the Minnesota businessman serving a 50-year prison term for running a multibillion-dollar Ponzi scheme.
The settlement between GE and a trustee for two bankrupt Florida investment funds known as Palm Beach Finance, which had been seeking $651 million, was disclosed in a March 26 filing with the federal bankruptcy court in West Palm Beach, Florida.
