These are not happy times at General Electric, where the share price has declined more than 60 percent in the last year because of investor anxiety about GE’s credit rating. We doubt that today’s announcement of the settlement of a sex discrimination case against the ailing conglomerate will boost GE’s stock price, but at least the company can put an embarrassing class action behind it.

A couple years ago, one of the company’s top in-house lawyers filed a suit in Connecticut federal court that alleged widespread sex discrimination in GE’s law department and executive suite. Lorene Schaefer, who served as the general counsel to GE’s transportation division, purported to represent more than 1,000 female lawyers and executives whom she claimed had been treated unfairly in promotions and pay. She sought $500 million in damages.

At the time the suit was filed, Brackett Denniston, GE’s corporate GC, told Corporate Counsel that he disagreed with Schaefer’s allegations and was “disappointed” with her suit. “I continue to like and respect Lorene, but I strongly disagree with what she has done,” he said.

According to Reuters, Schaefer issued a statement on Tuesday that a confidential settlement has been reached. GE was not available for comment.

Schaefer was represented by David Sanford of Sanford, Wittels & Heisler. Lawyers from Jones Day; Paul, Hastings, Janofsky & Walker; and Carmody & Torrance represented GE.