A new lawsuit has been levied against General Motors over the unending tangle that is the ignition switch debacle, this one originating from GM investors. The class action suit is said to represent anyone who acquired stock in the automaker from November 17th, 2010, to July 24th, 2014.
Automotive News reported on the lawsuit, and quoted the plaintiffs’ complaint thusly: “GM’s long belated recall of these dangerously unsafe cars has now led to the loss of billions of dollars of market value for GM investors.” The complaint cites “severe and systemic problems” with General Motors’ internal controls, and this allegedly manifested in a “failure to accurately account for and disclose… associated liabilities, costs, and contingencies in its financial statements.”
In March, when one such investor lawsuit was leveled at the corporation, GM spokesman Jim Cain that no executive at the automaker knew of any ignition switch defects until January 31st, 2014, at the soonest. While it’s unclear whether or not this was indeed the case, it seems to us equally unclear whether this would weaken the plaintiffs’ suit.