General Motors (GM) Issues Statement on Bankruptcy Filing in NY Court
- Top 10 News for 12/15 - 12/19: Russia Raises Rates, Ruble Retreats; U.S., Cuba Get Friendly; Sony Crumbles Under Pressure
- BlackBerry (BBRY) Posts Surprise Q3 Profit; Reports 100% Sequential Growth in BES10 Licenses
- Facebook's (FB) Instagram is Bigger and Better than Twitter (TWTR), Should Be Worth $35 Billion - Citi
- Nike (NKE) Tops Q2 EPS by 4c; Adjusted Futures Orders Rose 11%
- Fed's Williams Says June Good Time to Consider 'Lift-Off'
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
- Caesars Entertainment (CZR), First Lien Noteholder Committee Reach Agreement on Restructuring Plan
- Tesla (TSLA) Testing Battery Pack Swap in Beta on Route from LA to San Francisco
- Cadillac (GM) to Debut Rearview Mirror with Hi-Res Streaming Video on 2016 CT6
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!