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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

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
Securities
Enforcement Agency
Non-Governmental
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Settlement Announcement
9/17/2015
Contractors Involved Penalty
Total
General Motors Corp. Unknown
Further Information Released
GM Form 8-K 9/17/2015

See also:

Federal Contractor Misconduct Database