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General Motors Settles 2 Bellwether Ignition Switch Cases
General Motors Company (GM - Free Report) has settled the last two bellwether cases related to its ignition switch defect. However, the settlement amount was not revealed.
These bellwether cases were intended to set guidance for the remaining ignition switch-related cases against General Motors. The company has many other death and injury claims still pending. Among the six bellwether cases, three have been settled, while General Motors won two. One case was dropped by the plaintiffs after they were found to have given misleading testimony.
In the second case, the jury decided that the defective ignition switch was not the reason behind the crash. The third case, unlike the other two cases, had resulted in the death of the driver. However, the case was settled out of court. In the fourth case, the jury decided that General Motors was not to be blamed for the accident.
All these cases relate to General Motors’ delayed recall of 2.6 million vehicles with defective ignition switches, which could shut down the engine and prevent deployment of front air bags in the event of a crash.
General Motors has coughed up $2 billion as settlements for the defective ignition switches with the U.S. Justice Department, shareholders and consumers. The company also paid around $875 million to resolve shareholder litigations and to settle death and injury claims.
General Motors currently carries a Zacks Rank #3 (Hold). Some better-ranked automobile stocks include The Goodyear Tire & Rubber Company (GT - Free Report) , Magna International Inc. (MGA - Free Report) and Fox Factory Holding Corp (FOXF - Free Report) , each carrying a Zacks Rank #2 (Buy).
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