Jack and Jane Welch settle divorce case

BRIDGEPORT, Conn. -- Retired General Electric Co. chairman Jack Welch has reached a settlement with his former wife in their high-stakes divorce case.

"Jack Welch and Jane Beasley Welch have settled their matter effective immediately and are now divorced," according to a statement released Thursday by both sides.

Terms of the deal were not disclosed.

"The matter has been settled," said Dan Webb, Jack Welch's attorney. "They are now divorced and the court proceeding is completely over."

"I think justice was served," said Morton Marvin, an attorney for Jane Beasley Welch. "It's an appropriate settlement. The people are happy to have resolved their differences."

The settlement avoids a trial -- which was scheduled to start Monday -- that could have opened a window into the lifestyle of one of America's most respected and influential business leaders.

A document released earlier in the case detailed how Welch spent some $51,000 a month for upkeep on a half-dozen houses scattered from Massachusetts to Florida, more than $52,000 a month for gifts and nearly $9,000 for food and drink, among other expenses.

The Welches disclosed their plans to divorce more than a year ago, shortly after Suzy Wetlaufer -- then editor of the Harvard Business Review -- revealed that she had become romantically involved with Jack Welch while working on a story about him.

The two sides had been taking depositions in anticipation of a trial in Superior Court in Bridgeport.

A judge ruled in February that the depositions would remain confidential. The court order was requested by Webb, who said Welch would likely be asked about his business dealings, his health and entries in his diary regarding personal and business engagements.

Webb also said details of the breakdowns of the Welches' previous marriages were likely to come up, and cited reports of alleged extramarital affairs by both.

Earlier documents in the case included details about perks Welch received as part of his retirement package from GE at a time when corporate scandals were sparking outrage. The perks, negotiated into Welch's contract when he agreed to extend his tenure at GE, included the use of GE aircraft, tickets to sporting events and a Manhattan apartment.

Welch, who retired from GE in 2001, gave up most of the perks and reimbursed GE.