GM Agrees To A $5.75M Ignition Switch Settlement With California
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General Motors has agreed to a $5.75 million settlement over allegations that the automaker made false statements to investors and the California Public Employees’ Retirement System, or CalPERS, regarding the faulty ignition switch recall issued in 2014.
According to a recent report from Reuters, California Attorney General Xavier Becerra said that GM hid issues related to the ignition switch recall, failing to build reserves for expected losses and artificially inflating the automaker’s stock price. Bercerra concludes that CalPERS lost millions of dollars as a result of GM’s actions.
“General Motors cheated California twice – first by concealing a fatal flaw in its vehicles, then by concealing the facts about the flaw in its financial disclosures, which affected the retirement investments of public servants across California,” Bercerra said.
Meanwhile, General Motors said that it was “pleased to have cooperated with the state of California to resolve this matter.”
As GM Authority covered last year, General Motors agreed to a $120 million settlement for owners claiming that defective GM ignition switches resulted in lost vehicle value. In 2017, GM agreed to pay $120 million over claims made in 49 U.S. states and the District of Columbia regarding the faulty ignition switches. GM also previously paid roughly $2.6 billion in fines and penalties related to the faulty ignition switches, with a $900 million settlement in a U.S. Justice Department criminal investigation, and $1 million for a U.S. Securities and Exchange Commission accounting case.
The GM faulty ignition recall was first issued in February of 2014, with an estimated 30 million vehicles worldwide eventually recalled, including Buick, Cadillac, Chevrolet, GMC, Oldsmobile, Pontiac, and Saturn models.
The issue is in the design of the ignition switch, which could potentially fall to the “Off” position while the vehicle is in motion, shutting off the engine and disabling the airbags. The defect is attributed to 124 deaths and 275 injuries.
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Too bad the press is so busy chasing clicks to really tell the story. Could rehash the whole affair but consider how this was solved. GM changed the size and shape of the hole in the ignition key. These phonies in the “safety” agencies embellished as much as they could but the simple truth is GM underestimated how mush trash people would put on a key chain. I also doubt that California Attorney General Xavier Becerra even covered the state costs to bring this load of bull to the front. But since he’s on his way to a national office, doubt he cares at all.
GM or anybody else have a hard time fight bad publicity these days. There’s no denying that virtually all local news broadcasts are bought and paid for by personal injury lawyers. And they make their living by influencing juries. A case settled isn’t guilt. It’s a payday for those charlatans. And GM or anybody else can’t fight all of them or the low brow smears and double talk they spew. And as a wise man said, juries are made up of people too stupid to get out of being on them.
My Father ‘s Name is John Joseph Harris that was Kill in a 2008 Cobalt on September 17/2010 and G.M. In Detroit send my Father a Ignition Switch Recall September 21/2010 I pick the mail there was 5 of us that see the Recall paper I Beverly Harris. Phone the day we got it I talked to some Lady I said to her it a bit to late my father had a Horrible Accident and Died I send to the Lawyers but that was a mistake they kept it wouldn’t gave my Dads Ignition Switch Recall Paper Back But they didn’t use it for my Fathers Case in New York Courts why the Lawyers Lying to me oh we don’t have that’s a lie and in the ignition switch Recall Paper there was a Date on April 7/2010 I read it we all did why did G.M. Send my Father that September 2010 Recall Paper did anybody else get Heartbreaking Beverly Harris. Daughter thank you of anybody that listen to my Fathers Live Matters
You Lawyers and Courts say that my Father Kill him self that what you say on a Beautiful Sunny Day when He Just went to. Canadian Tried to get Dog and Toilet Paper with two Dogs in car I am so Heartbreaking for what you said I’m sorry Tried of The Lawyers and Courts of Bullying Me and Die Father around there was something wrong with my Fathers 2008 Cobalt And I know that and you Lawyers And Courts And G.M. Detroit that send my Father a Ignition Switch Recall Paper September 20010 3/4 Day after He had His Horrible Accident My Father. John Joseph Harris life Matters
I was a valet at a casino and the amount of junk that people would attach to their keychains was surprising. It’s no wonder that combined with the additional weight and the odd placement of the ignition that there was a problem. GM must have known that the location of the ignition wasn’t ideal as they had a rubber pad located underneath the keyhole to avoid wear.
California is so broke they are bilking money from any company they can in any way they can.
This money will not benefit anyone tied to this case legitimately or not.
This is even worse than a class action that only enriches lawyers while those they claim to represent get a free oil change.
40+ years as a GM technician, and never once had a complaint or mention of this problem.
I hate the fact that lawyers can convince a court that companies be forced to pay for the stupidity of people. I had a 2005 and a 2008 Chevrolet Cobalt, but l didn’t put extra crap on my Keychain. Hence, l never had any issues at with my ignition switch.
It’s a keychaki people. Not a place to attach all you stupid trinkets to.
My Father Live Matters I Hate the fact that your Stupidity where you know nothing about my Father’s Horrible Accident And he just had his car keys on Chain and why did G.M. Send a Ignition Switch Recall Paper in mail to my Father on September 20 or 21 of 2010 and on Paper that I was reading there was a Date April 7/2021 on it and 5 Members of Family see it andread it so you tell me But the Lawyers that I send did use it in Court they kept it and would not give the letter back to me
It was September 7/2010 not September 7/2021 that was a mistake
September 20 or21 2010 that my Father was send ignition Switch Recall Paper that I pick up in the mail and call them the same day and talk to some Lady that said sorry to hear about my Fathers Horrible Accident that was Kill in I said it to late He’s Dead in a 2008 Cobalt
Not 2021 mistake
Thy still did not fix the problem there fix you can’t put any more keys on your key ring they never fix the problem i own a 2009 Cadillac with a bad switch all they want is to me to bring my keys in to put a piece of plastic insert on them there fixing the problem
Your Cadillac uses a totally different switch, let your dealer put the key inserts in and you’ll be fine.
California is the one who should be paying GM for all the expensive pollution control and EV goofiness they make shareholders pay for.
G.M. Cobalt 2008 Kill my Father September 17/2010 and about September 21/2010 they send a Ignition Switch Recall Paper to Father a Little two late I call that day and talk to some lady and said I very sorry to hear that I send the Ignition Switch Recall Paper to the MDL Lawyers and they kept it a Secret and would not give it back to me and they never took it to Nee York Court for my Father Case and Lie to me because they don’t think my Fathers Live Matter’s His Accident was Horrible He’s Cobalt was make is the U.S.A. and because He was from Canada so they don’t Care But my Fathers Live dose Matter
And The Lawyers Threatened me to sign G.M ignition switch New York court but why didn’t they take the September 2010 ignition Switch Recall Paper that they send to my Father 3/4 Day after He had his Horrible Accident and I call that day we got ignition switch Recall Paper in the mail that I pick up so you tell me why and on Paper it said the date April 7/2010 on it so they New long time along and did they send it to my Dad little to late and I call that day and talk to some Lady and sorry to hear that my Father life Matters
Why did G.M. in Detroit send my Father John Joseph Harris after his Horrible Accident in September 17/2010 send Ignition Switch Recall Paper in mail that picked upon September 20 or 21 /2010 and on the Paper it had a Date April 7/2010 on it and call that day I got it and talked to some Lady on phone and it is little to late my got kill in a 2008 Cobalt All really She i’m Very sorry to hear that happen he went to store to get dog food and toilet paper that day something was wrong with his car it was Beautiful Day that Horrible Accident should of never of Happened and did the Lawyers kept that ignition switch Paper that send to them and lied to that they didn’t after it who can Trust look like nobody My Fathers live Matters to me I know not to G.M. I know it was ignition switch his hole steering Wheel Rid Right out from hit no other air bag came out you tell me
No the first Ignition Switch Recall Was in September 21/2010 But The ignition switch recall Paper Dated April 7/2010 that was send to John Joseph Harris who life in Alberta Canada from G.M. Detroit they send the. Ignition switch recall Paper because the 2008 Cobalt was make in the USA Detroit But My Dad And Me bought the car from G.M. Dealer in Fort McMurray Alberta Canada
Just ask the MDL Lawyers in Canada about the September 21/2010 ignition switch recall Paper that I send them that lied to and I didn’t send that 2010 ignition switch recall Paper to them and they didn’t use it in my Fathers Case in New York Courts And why not