Payments by Van Nuys Firm, GE Ordered:...
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Payments by Van Nuys Firm, GE Ordered: A jury directed General Electric Co. to pay $70.8 million to American Aviation Industries Inc. of Van Nuys for breaching a contract between the two, American Aviation said. The jury, however, also ordered American Aviation to pay $9.8 million to GE and its General Electric Capital Corp. finance subsidiary. The money is mostly to repay loans from General Electric Capital to American Aviation, the company said. The lawsuits stem from a venture under which American Aviation and GE were to retrofit Lockheed JetStar corporate jets with GE-made CF34 turbofan engines.
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