General Electric Settles Israel Claim by Paying $1,550,000
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General Electric Settles Israel Claim by Paying $1,550,000

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General Electric Corporation has paid the Israel Electric Corporation $1,550,000, to settle a claim filed against the American firm after it was convicted of price-fixing.

Yaacov Peled, the IEC general manager, came to New York to receive the check. The amount represents about 10 percent of the $15,000,000 worth of turbo-generators purchased by Israel from G.E. from 1952 to 1956. The amount of the refund was agreed on by the two firms in out-of-court negotiations. IEC then withdrew its suit.

Mr. Peled remained in the United States to negotiate purchase of a 24-megawatt generating unit for an IEC station. He had stopped off en route to the United States in West Germany, to discuss claims for compensation to IEC for faulty generating equipment purchased from West German manufacturers. That issue remains a matter for further negotiations.

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