“The board has concluded that the company has no sound legal basis to seek clawbacks or other litigation,” GE said in a statement.
A representative for Immelt declined to comment.
“Under the current leadership team, we have significantly enhanced our disclosures and internal controls and are a stronger company today,” GE said in the statement.
The staggering decline of GE was driven by a series of bad decisions over many years, including a series of poorly-timed transactions by Immelt. In particular, Immelt’s takeover of Alstom’s power business turned out to be a disaster, forcing the company to take a $22 billion charge.
GE agreed last month to pay a $200 million penalty to settle the SEC investigations, which began months after Immelt stepped down in July 2017.
