SAN DIEGO — Three retirement plan participants have filed a class action lawsuit against General Electric, alleging breach of contract.
Kristi Haskins, Laura Scully, and Donald J. Janak filed a complaint, individually and as representatives of a class of similarly situated persons, Sept. 26 in U.S. District Court for the Southern District of California against General Electric Company, General Electric Retirement Savings Plan trustees, and Does 1-30, alleging they breached their duties of good faith and fair dealing.
According to the complaint, the three plaintiffs and nearly 250,000 employees who participated in the retirement plan have suffered hundreds of millions of dollars of damages and lost opportunity costs, as a result of the defendants' breaching their fiduciary duties in the mismanagement of funds.
The plaintiffs allege the defendants failed to comply in the administration of their duties, and failed to remedy the breach of duties they knew that other fiduciaries carried out.
The plaintiffs seek trial by jury, damages, provide all accounting necessary, certify the class, appoint class representatives and counsel, attorney fees, court costs, and all equitable or remedial relief the court deems appropriate. They are represented by attorneys Charles H. Field and Edward Chapin of Sanford Heisler Sharp LLP in San Diego, by Kevin H. Sharp of Sanford Heisler Sharp LLP in Nashville, Tennessee, by David Sanford and Andrew Miller of Sanford Heisler Sharp LLP in Washington, D.C., and by David Tracey of Sanford Heisler Sharp LLP in New York.
U.S. District Court for the Southern District of California case number 17-C-01960