GM paid $ 120 million for faulty ignition in carsMarch 29, 2020
General Motors agreed to pay $ 120 million to settle a large number of claims that its deadly ignition switch defect caused economic damage to car owners.
There are 216 plaintiffs who owned some of the more than 2.6 million cars with faulty ignition switches, as well as other GM cars recalled in 2014 due to a faulty power steering and side airbags that would not have worked in an accident, according to a statement . It addresses the economic damage associated with resale, repair and other related losses due to a defect.
It is not affiliated with a $ 625 million settlement fund that GM established in 2014 to pay 124 deaths and 275 injuries. This is also not related to the settlement in 2015, which included $ 275 million. The United States for more than 1,380 claims for death and injuries that were not part of the compensation fund.
The company fears not the loss of part of the money, but the complete destruction of income, which can lead to bankruptcy, since the protection built into federal law divides the company into two parts, in this case Old GM and New GM. The new GM refused to recover the damages for which Old GM was responsible. In 2015, when GM settled $ 900 million in criminal charges with the US Department of Justice and paid $ 300 million to the New York Teachers Pension Fund for the loss of equity, the bankruptcy court assured GM that any cases involving cars sold until his bankruptcy in 2009 will be blocked.
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