GM Wins Court Approval in Ignition Switch Settlement
April 24, 2020—General Motors won preliminary court approval of a $120 million settlement with owners who said defective ignition switches caused their cars to lose value, reported Reuters.
The ignition switches are linked to vehicle stalls and air bags that failed to deploy, as well as 124 deaths.
GM would fund $70 million of the settlement, while a trust set up in connection with its 2009 bankruptcy would contribute $50 million. The automaker would pay the plaintiffs’ lawyers separately.