Bloomberg: GE Takes $1.7B Charge to End Shinsei Liability
Bloomberg reported that General Electric will take a 175 billion yen ($1.7 billion) charge after agreeing with Shinsei Bank to conclude an obligation to compensate the Japanese lender for interest refund claims.
Bloomberg said, according to a statement made by the company, the agreement will reduce GE’s fourth-quarter and full-year 2013 net earnings by $1 billion.
Bloomberg notes that GE’s liability dates back to a loss-sharing agreement formed in 2008 when its GE Capital unit sold its Japanese consumer businesses to Shinsei for $5.4 billion.
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