General Motors (GM) Issues Statement on Bankruptcy Filing in NY Court
- Top 10 News for 09/28 - 10/2: Nonfarm Numbers Lag in Sept.; Splitsville for Alcoa; Initial Sales of Apple's Latest iPhone Set Record
- September Jobs Report Weaker Than Expected at 142K, Prior Months Revised Down 59K
- Tesla (TSLA) Announces 11,580 Deliveries in Q3; Includes First Model X Units
- Wall Street ends higher in sharp turnaround
- @Jack Back = Twitter (TWTR) Sold - Analyst
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
- Cancer Genetics (CGIX) Receives Bankruptcy Court Approval to Acquire Response Genetics Assets
- Microsoft (MSFT), ASUS Enter Expanded Patent Licensing Agreement
- Univar (UNVR) Subsidiary Acquires Future Transfer and BlueStar Distribution
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!