Welch declined to comment. His attorney, Dan Webb, did not return a call for comment. Jane Beasley, who dropped Welch’s name, could not be reached. One of her lawyers, Morton Marvin, told the Associated Press he thought “justice was served” in the agreement.
The trial, which was to start Monday, promised to throw open a window onto the lifestyle of one of the nation’s wealthiest and most celebrated corporate titans. Filings in the case had already offered a tantalizing glimpse.
Attorneys for the former Mrs. Welch filed documents with the court last fall describing Jack Welch’s finances. They included a sumptuous retirement package from GE, where Welch was chief executive for 20 years. The package included tickets to high-profile sporting events, use of a Manhattan apartment, country club fees, security services, financial planning and other deluxe perks.
Jack Welch’s attorneys disputed some elements of the filing. Nonetheless, disclosure of the severance package ignited criticism from corporate governance advocates who said GE shareholders should not have to foot the bill for Welch’s lavish lifestyle. Welch subsequently agreed to pay GE for many of the benefits.
In another filing, Jack Welch’s lawyers described the former chief executive’s net worth as around $450 million, much of it in GE stock. The lawyers described monthly expenses for Welch, including more than $20,000 for food, wine, clothes and other items, and “shelter” expenses of around $50,000 per month for homes in Connecticut, Florida and on the island of Nantucket, Mass.