General Motors Co on Thursday won preliminary U.S. court approval of a $120 million settlement with owners who said defective ignition switches caused their vehicles to lose value.
The accord would resolve the last major piece of litigation over GM ignition switches linked to vehicle stalls and air bags that failed to deploy, as well as 124 deaths.Since 2014, the defect has led GM to recall more than 2.
6 million Buick, Cadillac, Chevrolet, GMC, Oldsmobile, Pontiac and Saturn vehicles, dating back more than a decade.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.
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