General Motors to pay USD120m to settle claims in ignition switch defect scandal.
Auto Business News-October 20, 2017--General Motors to pay USD120m to settle claims in ignition switch defect scandal
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Auto Business News - 20 October 2017
General Motors (NYSE: GM), a United States-based automaker, is paying USD120m to settle claims from dozens of states in its massive ignition switch defect scandal.
The settlement was announced after the United States Supreme Court ruled earlier this year that the automaker could no longer avoid hundreds of lawsuits from victims of the defective ignition switches in accidents occurring before the company filed for Chapter 11 bankruptcy in 2009.
Michigan will receive almost USD4.3m as part of the settlement reached between the attorneys general of 49 states, the District of Columbia and GM in a case set in Ingham County Circuit Court, according to the Office of Michigan attorney general, Bill Schuette. The funds will go into the state's general fund, and the settlement does not include what the company has paid to individual consumers.
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