More than 27 million General Motors Co. (GM) owners who purchased or leased a recalled GM vehicle have filed a class action lawsuit seeking more than $10 billion for the loss of value in their cars.
The putative class action lawsuit (it has not yet been certified as a class action lawsuit) is arguing that the serial recalls and hidden defects caused the value of GM cars to decrease because the public became aware of widespread defects.
Many of the individual lawsuits about car-price devaluation issues that were previously filed were consolidated into the broad putative class action lawsuits that have been filed.
Ignition Switch Lawsuits
GM is also facing a smaller lawsuit based on the vehicles produced after the company came out of bankruptcy. Many of the vehicles produced by the new GM are vehicles that have ignition switch defects.
At least 13 deaths have been linked to ignition switch failures and defects. General Motors has set up a victim fund to compensate victims. The fund currently holds $600 million, but the company has also stated that there is no cap and the fund will be increased if necessary.
Both of the lawsuits are filed in the U.S. District Court, for the Southern District of New York. The cases are part of In re General Motors LLC Ignition Switch Litigation, 14-md-02543.
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