Plaintiffs suing General Motors over faulty ignition switches and other alleged vehicle defects have reached a $1 billion settlement requiring the automaker to turn over that amount of stock, a lawyer for the plaintiffs said in a court hearing on Friday. GM lawyer Richard Godfrey strongly criticised the agreement, telling US District Judge Jesse Furman in Manhattan the Detroit-based company was given no say in the deal negotiated between the plaintiffs and a trust set up for creditors of “old GM,” which holds many liabilities predating the automaker’s 2009 ...
General Motors criticises $1-bn deal between plaintiffs and 'old GM' trust
Godfrey said this was a result of collusion between the plaintiffs and the trust
Brendan Pierson | Reuters |