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GE confirms receiving Wells notice of SEC considering civil action against it

GE confirms receiving Wells notice of SEC considering civil action against it

GE confirmed that it has received a Wells notice, stating SEC is considering proposing a civil action against company for possible violations of securities laws. GE said the issue could be related to company’s run-off insurance operations. In 2017, GE provided for a shocking $6.2bn accounting charge and hence said that it would need to set aside $15bn for long-term care insurance payouts.

Milan
Milan
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