GM settles hundreds of ignition switch lawsuits
NEW YORK General Motors Co has agreed to settle federal lawsuits by as many as 203 plaintiffs over defective ignition switches in its vehicles, a Friday court filing shows.
WASHINGTON The Pentagon will pay about 4 percent less for each new Lockheed Martin Corp (LMT.N) F-35A fighter jet when it signs a deal worth $3.8 billion with the No. 1 U.S. defense contractor on Friday, according to sources familiar with the deal.
The cost of each conventional takeoff and landing jet in the fifth production contract will be around $107 million, excluding the engine, said the sources, who were not authorized to speak publicly. That compares to a price of $111.6 million in the fourth contract with Lockheed.
The Pentagon is negotiating a separate agreement with Pratt & Whitney, a unit of United Technologies Corp (UTX.N), for the engines that will power the new warplanes. Pentagon officials hope to conclude that agreement by the end of the year as well.
(Reporting By Andrea Shalal-Esa; Editing by Leslie Adler)
JOHANNESBURG Ford Motor Co is recalling nearly 16,000 Ikon and Figo models in South Africa due to a potential fire risk, it said on Friday.