Tag: Wins

GM ignition switch settlement with vehicle owners wins U.S. court approval

FILE PHOTO: The GM logo is seen at the General Motors plant in Sao Jose dos Campos, Brazil, January 22, 2019. REUTERS/Roosevelt Cassio

NEW YORK (Reuters) – General Motors Co on Thursday won preliminary U.S. court approval of a $120 million settlement with owners who said defective ignition switches caused their vehicles to lose value.

U.S. District Judge Jesse Furman in Manhattan granted approval at a hearing conducted by phone.

The accord would resolve the last major piece of litigation over GM ignition switches linked to vehicle stalls and air bags that failed to deploy, as well as 124 deaths.

Final approval is still required, after owners are notified of their rights.

Since 2014, the defect has led GM to recall more than 2.6 million Buick, Cadillac, Chevrolet, GMC, Oldsmobile, Pontiac and Saturn vehicles, dating back more than a decade.

The Detroit-based automaker has also paid more than $2.6 billion

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The Department of Transportation Just Gave Airline Stocks 3 Huge Wins

After President Trump signed the $2 trillion coronavirus relief package into law on March 27, executives from the top passenger airlines like Southwest Airlines (NYSE:LUV)Delta Air Lines (NYSE:DAL), and American Airlines Group (NASDAQ:AAL) probably breathed sighs of relief. After all, the new law gave them $25 billion in bailout funds to help maintain payroll and another $25 billion in loans earmarked for the industry. 

But three days later, they likely got nervous again, as the Treasury Department issued guidelines for companies that receive that money. In particular, a rule requiring recipients to maintain existing levels of service had some industry insiders worried that they’d have to continue operating expensive empty or near-empty flights to qualify.

Luckily, on March 28, the U.S. Department of Transportation weighed in with new guidelines, which ought to make the airlines — and their investors — relieved again (well, as much as possible

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