GM Offers $200M To End American Axle Dispute

Law360, New York (May 9, 2008, 12:00 AM EDT) -- General Motors Corp. has agreed to chip in up to $200 million for a quick resolution to a 10-week strike against parts supplier American Axle and Manufacturing, which has shut down about 30 of the car maker's factories.

GM's financial aid is meant to stem $800,000 in lost earnings as a result of the loss of about 100,000 production vehicles from the strike, according to a GM regulatory filing on Thursday. The $200 million would fund employee buyouts, early retirements and buydowns.

The strike began on...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.