3/28, 4:17 AM (Source: TeleTrader)
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GM reaches $120M ignition switches settlement

General Motors Co. (GM) reached a $120 million settlement on its defective ignition switches on Friday, documents from Manhattan's federal court showed.

Car owners claimed their vehicles lost value because of the issue that caused General Motors to withdraw more than 2.6 million vehicles from the market since 2014, while paying $2.6 billion in penalties so far.

Earlier in the day, United States President Donald Trump signed the Defense Production Act which requires the American carmaker to produce ventilators during the coronavirus crisis.

Breaking the News / ND