The Supreme Court has denied General Motors’ legal efforts to use its 2009 bankruptcy to block lawsuits over injuries and financial losses related to the carmaker’s long-ignored ignition switch defect.
When GM, with more than a little help from taxpayers, clawed its way out of bankruptcy in 2009, it did so with an understanding that the “New GM” had purchased all the old assets of pre-bankruptcy “Old GM,” under the condition that the new company would be “free and clear” from liability for claims against the old company.
So the massive ignition recall presented a difficult question, in terms of which GM should be blamed. Some people at the car company knew of the defect — which could result in a vehicle being suddenly turned off, rendering it very difficult to control — as far back as 2001, before the affected cars even went into production.
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Take your medicine the American Way GM, utilizing pen to paper ala writing checks via settlements!!!!
ReplyDeleteDo not...DO NOT HIDE your way through this!
That takes a lot of balls to receive taxpayer dollars to get bailed out and then try to get out of all NTSB recalls and lawsuits.
ReplyDeleteIts not balls anymore, 1055am. Its no accountability and private industry knows it all so well. Gov't won't do anything...or if they do, private industry prospers.
ReplyDeletePolitics at its ugliest!
Let them go bankrupt. Charge those who knew about the ignitions criminally. Any of us would be charged with neglegent homicide. We have protected them and their bad decisions far too long.
ReplyDeleteGM Just used the bankruptcy to shed their obligations and debts.
ReplyDeleteWhat about the employees that got screwed in the bankruptcy?
The employees that got screwed. If you are working for an unpopular, mismanaged and financial failing company making $40+/hour to install the same bolt over and over, you had better build some savings. If you don't it's not my fault.
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