Thursday, September 17, 2015

GM to pay $900 million to end U.S. criminal ignition switch probe

General Motors
(Reuters) General Motors Co (GM.N) admitted it hid from the government and the public a lethal defect in its vehicle ignition switches, and agreed to pay $900 million to end a U.S. criminal probe over its problem, which has been linked to 124 deaths.

The settlement announced on Thursday caps a two-year probe that tainted GM's reputation and transformed the Detroit-based automaker's relationship with the federal government, which had bailed it out during the recent financial crisis.

GM also agreed to a partial settlement of private litigation with drivers, passengers and families over the switches, and a settlement of related shareholder litigation.

Read full article here.


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