GM Announces $575 Million in Recall-Related Settlements

GM Announces $575 Million in Recall-Related Settlements

General Motors Co. announced that it has settled a shareholder class action and has reached a memorandum of understanding potentially covering approximately 1,380 individual death and personal injury claimants – including include more than half of the personal injury plaintiffs who have lawsuits pending in the Multi-District Litigation in the United States District Court for the Southern District of New York – related to the company’s 2014 product recalls, including the ignition switch recall.  The company announced that it will record a third quarter charge of $575 million to cover the settlements.  This is in addition to the $900 million fine the company agreed to resolve federal criminal charges. [9/17/15]

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