GM Agrees to $5.75 Million Settlement With California Over Ignition Switches

GM
FILE PHOTO: The GM logo is seen on a water tank of the General Motors assembly plant in Ramos Arizpe, in Coahuila state, Mexico February 11, 2021. REUTERS/Daniel Becerril

WASHINGTON ⸺ General Motors Co agreed to a $5.75 million settlement to resolve allegations it made false statements to California’s largest pension system and other investors over its deadly ignition switch scandal.

California Attorney General Xavier Becerra said the largest U.S. automaker concealed problems from investors related to faulty ignition switches linked to 124 deaths and 275 injuries.

GM previously paid $900 million to settle a U.S. Justice Department criminal investigation and $1 million to resolve a U.S. Securities and Exchange Commission accounting case tied to the ignition switch issue.

GM said it was “pleased to have cooperated with the state of California to resolve this matter.”

Reporting by David Shepardson; Editing by Chris Reese; Reuters

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