General Motors (GM) Issues Statement on Bankruptcy Filing in NY Court
- Top 10 News for 8/22 - 8/26: Yellen Hints at Hike; Muddy Waters Picks New Target; Pfizer, Medivation Make it Official
- Janet Yellen Jackson Hole Speech; Rate Hike Case has Strengthened
- Wall Street slips in wake of comments by top Fed officials
- Apollo Global to Acquire Rackspace (RAX) in $4.3B Deal
- Icahn Shopped Herbalife (HLF) Stake to Ackman Group
GM (NYSE: GM) statement on filing in the bankruptcy court for the southern district of New York:
“General Motors has taken responsibility for its actions and will keep doing so. GM has also acknowledged that it has civic and legal obligations relating to injuries that may relate to recalled vehicles, and it has retained Kenneth Feinberg to advise the company what options may be available to deal with those obligations.”
GM has asked the Bankruptcy Court for the Southern District of New York to rule on whether the growing number of lawsuits alleging purely economic damages resulting from the ignition switch recall may proceed.
The motion does not concern accidents or injuries. As the motion states clearly, it “does not address any litigation involving an accident or incident causing personal injury, loss of life or property damage.” Further, the motion “does not involve whether New GM should repair the ignition switch defect. New GM has committed to replacing the defective ignition switch as a result of the recall. The lawsuits that are the subject of this motion, most of which purport to be class actions, are brought by or on behalf of individuals who were not injured as the result of any failure of the ignition switch.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: St. Jude Medical (STJ) Says it 'Stands Behind' Device Security, Refutes Muddy Waters' Allegations
- Teladoc (TDOC) Announces Second Consecutive Win in Patent Dispute
- Cesca Therapeutics (KOOL) to Convert $12.5M in Senior Secured Debt to Equity
Create E-mail Alert Related CategoriesHot Corp. News, Litigation, Management Comments
Related EntitiesBankruptcy, Kenneth Feinberg
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!