GM Facing a Snowstorm of Suits Over Its Ignition Switch Recall — NBC News

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GM Facing a Snowstorm of Suits Its Ignition Switch Recall

By Strong

Already facing an of investigations into its handling of a ignition switch problem – them a criminal probe by the Justice Department – General is facing a number of potentially law suits, including one that it of securities fraud.

A GM shareholder a class-action lawsuit last claiming shareholders were by GM due to its the handling of the ignition switch Also on Friday, what is to be the first wrongful death was filed in Minnesota state on behalf of two teenage girls in a 2006 crash of a 2005 Cobalt, one of the models GM recalled ignition problems.

A number of plaintiffs’ attorneys are to bring suit against the automaker on behalf of owners and of crashes linked to the safety which has been blamed for at 12 deaths and 31 crashes. GM has recalled 1.6 million cars.

“GM’s and immoral activities during through March 2014) eviscerated GM’s reputation for quality, value and performance, the lawsuit filed in U.S. Court by New York-based law firm LLP and by Cafferty Clobes Meriwether LLP in Ann Arbor, the Detroit News

“Moreover, the news of the company’s through a series of disclosures, and reports of government criminal and investigations into the company, a sharp decline in the company’s price, wiping out billions in value.”

GM’s stock has dropped $36.11 on Feb. 7, when the was announced to $35.01 on March 21, the suit was filed. However, in the after the initial recall, the began climbing to a high of on March 7. It’s dropped a over 9 percent since including being down the Friday close today to in mid-morning trading.

The drop March 7 coincides with the of a Justice Department investigation the recall. The suit also CEO Mary Barra, former executive Dan Akerson and other top including GM President Dan Ammann and America Chief Alan

GM is still not commenting on any of the litigation.

“We respond in due course,” said GM Jim Cain. “We are focused on getting the fixed and examining our internal to determine why this happened and sure it never happens

In addition, to the class-action suit last week, Barra out she will be testifying before a subcommittee on Capitol Hill. The said it wants to know “this tragedy could been prevented and what can be to ensure the loss of life” happen again, according to the Free Press.

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Also on Friday in Detroit was an additional suit led by the owner of a 2006 Ion in Tennessee. The suit claims the automaker violated the warranty of the owners of the calls affected by the The suit suggests that the if they had known about the wouldn’t have paid as for the vehicles or wouldn’t have them at all.

One thing that could a problem for those suing GM is the that the maker’s bankruptcy essentially bars lawsuits on of those injured or killed in linked to the ignition switch that occurred prior to

GM is under pressure to waive immunity, with the Center for Safety’s president, Clarence recently calling on the maker to set a $1 billion victim’s fund. has said the maker intends to put first as it tries to resolve the switch issue, telling last week: “We are focused on the and doing everything we can to get their fixed, and (we are) sorry for the of life that has occurred.”

GM has not said whether it will the idea of waiving immunity, but a number of legal observers that question will be to the courts.

Even as the Justice ramps up its GM investigation, it has closed a probe of Toyota, over the maker’s handling of a series of issues in 2009 and 2010. accepted a $1.2 billion and will be on probation for three Many observers believe settlement could provide a for any resolution of the GM probe.

More from The Detroit

First published March 24 11:24 AM

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