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According to evidence provided to lawmakers, engineers at America’s biggest automaker knew of a faulty switch, but rejected a fix that would have cost 90 cents apiece. The faulty switches are linked to the deaths of at least 124 people.
No reserve set aside
The Detroit-based company will learn this year how much more it will have to pay for breaking its promise of GM quality, having already paid more than $2bn for settlements alone. It hasn’t set aside a reserve for the pending lawsuits, Jim Cain, a spokesman, said in an interview. He said GM will deal with the suits one at a time, challenging the plaintiffs to show that the defective switches caused the accidents. Source: Bloomberg BNA
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