More GM recalls just as victims fund unveiled
- 10 years ago
PLEASE NOTE: UPDATED TO REFLECT THE CORRECT NUMBER OF VEHICLES IN THE LATEST RECALL.
Another wave of massive recalls for General Motors- just hours after it unveiled its victim compensation fund tied to the ignition switch coverup. Six new recalls- for a total of 8.23 million vehicles from the model years 1997-2014. GM will take a charge of $1.2 billion in the second quarter.
The stock was halted on the New York Stock Exchange- and was down about one percent when it reopened
Earlier, General Motors unveiled the terms for its victim compensation fund- which is limited to a different defect- the faulty ignition switches- which will have no cap. Attorney Kenneth Feinberg:
SOUNDBITE: KEN FEINBERG, GENERAL MOTORS VICTIMS FUND ADVISOR (ENGLISH) SAYING:
"This program is designed to help claimants. This program is not designed to punish General Motors. If people want punitive damages, if they want to use litigation to go after General Motors then voluntarily they
Another wave of massive recalls for General Motors- just hours after it unveiled its victim compensation fund tied to the ignition switch coverup. Six new recalls- for a total of 8.23 million vehicles from the model years 1997-2014. GM will take a charge of $1.2 billion in the second quarter.
The stock was halted on the New York Stock Exchange- and was down about one percent when it reopened
Earlier, General Motors unveiled the terms for its victim compensation fund- which is limited to a different defect- the faulty ignition switches- which will have no cap. Attorney Kenneth Feinberg:
SOUNDBITE: KEN FEINBERG, GENERAL MOTORS VICTIMS FUND ADVISOR (ENGLISH) SAYING:
"This program is designed to help claimants. This program is not designed to punish General Motors. If people want punitive damages, if they want to use litigation to go after General Motors then voluntarily they