You are here: Home » Reuters » News
Business Standard

GM blasts $1 billion deal between ignition switch plaintiffs, creditor trust

Reuters 

By Brendan Pierson(Reuters) - Plaintiffs suing General Motors Co 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 criticized the agreement, telling U.S. 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. 00:51 IST
RECOMMENDED FOR YOU