GM reaches settlement over lost vehicle value from defective ignition switches
NEW YORK —
General Motors has reached a $120 million settlement with owners who claimed that their vehicles lost value because of defective ignition switches, which have been linked to 124 deaths.
The preliminary settlement was filed on Friday night with the federal court in Manhattan and requires approval by U.S. District Judge Jesse Furman.
It would resolve the last major piece of litigation stemming from ignition switches that could cause GM vehicles to stall and prevent airbags from deploying.
Autoblog
https://www.autoblog.com/amp/2020/03/28/gm-ignition-switch-settlement/
GM Settles Another Ignition-Switch Lawsuit For $120 Million
General Motors has reached a preliminary settlement in a lawsuit on behalf of owners of vehicles with faulty ignition switches and related defects, agreeing to pay $120 million.
The class-action lawsuit claimed loss of residual value in owners’ vehicles because of the defect.
GM has recalled more than 2.6 million vehicles from the 2004 through 2014 model years, and 124 deaths were reported because switch failure could cause vehicles to stall.
https://www.caranddriver.com/news/amp31965015/gm-settles-lawsuit-ignition-switch-car-values/