You are here: Home » International » News » Companies
Business Standard

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 ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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