Federal Contractor Misconduct Database (FCMD)
Faulty Ignition Switches – Shareholder Lawsuit Settlement
General Motors announced that it had settled a putative shareholder class action lawsuit. The lead plaintiff, the New York State Teachers’ Retirement Fund System, alleged securities law violations in connection with an ignition-switch defect in certain GM models and the events leading up to a 2014 product recall. GM reported it would record a $575 million charge against its earnings in the three months ending September 30, 2015, in connection with the shareholder class action settlement and a related multi-district civil litigation settlement announced the same day (see General Motors instance, “Faulty Ignition Switches – Civil Litigation Settlement”).
- Misconduct Type
- Enforcement Agency
- Contracting Party
- Court Type
- Date of Settlement Announcement