GM Strikes $120M Deal With Drivers In Ignition Switch MDL

Law360 (March 30, 2020, 2:02 PM EDT) -- General Motors told a New York federal judge late Friday that the company had reached a $120 million settlement, plus up to $34.5 million in attorney fees, with drivers who claim their cars lost value due to faulty ignition switches.

Under the terms of the settlement agreement, GM will contribute up to $70 million into a common fund for the drivers, and the trust connected to the company's 2009 bankruptcy will contribute up to $50 million. The deal ends claims from drivers who said their vehicles sank in value over recalls related to the ignition switch defects.

"This announcement marks the...

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