News & Announcements

Weil Wins Dismissal of Derivative Action Against GE Directors Alleging Failure to Oversee Corporate Compliance with Foreign Corrupt Practices Act

On July 6, 2021, Weil won an important victory for General Electric Company and 32 current and former GE directors in a shareholder derivative action in the Supreme Court of New York, New York County, alleging that GE’s directors failed to oversee corporate compliance with the Foreign Corrupt Practices Act (FCPA) in connection with the sale of medical devices in China and Brazil. Dismissing the action in its entirety on a motion to dismiss, New York Supreme Court Justice Andrea Masley held that the plaintiffs’ 196 paragraph complaint and voluminous appendices collecting media reports and court proceedings in China failed to plead facts linking any of the alleged misconduct overseas to GE’s directors.

The Weil team was led by Securities Litigation partner Stephen Radin, who argued the motion to dismiss. The team included partner Evert Christensen and associates Nicole Prunetti and Jonathan D’Errico.