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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  |  New York 

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 ...

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First Published: Sat, August 12 2017. 20:57 IST
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