GM Trust Hashes Out New Ch. 11 Ignition Switch Deal

Law360 (February 5, 2019, 7:58 PM EST) -- The trust for General Motors’ unsecured creditors has submitted a new proposal to a New York bankruptcy court for a putative class action ignition switch defect settlement that could cost New GM $1 billion in stock.

In a motion filed late Sunday, the general unsecured creditors trust sent the court the latest revision of a proposed settlement of legacy ignition switch suits, under which the car owners claiming GM sold them defective vehicles will be seeking class certification for their claims.

In September a New York bankruptcy judge ruled that a pending settlement that would allow and estimate claims on behalf...

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