Key Developments: General Motors Co (GM.N)

GM.N on New York Stock Exchange

24 Nov 2015
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Latest Key Developments (Source: Significant Developments)

General Motors Co could face punitive damage claims in switch litigation - Reuters
Monday, 9 Nov 2015 04:50pm EST 

General Motors Co:General Motors Co may be liable for punitive damages in lawsuits it faces over an ignition switch problem that prompted the recall of millions of vehicles last year, a U.S. judge said on Monday - RTRS.The decision from U.S. Bankruptcy Judge Robert Gerber in Manhattan could increase GM's financial exposure to claims for injuries, deaths or loss of vehicle value stemming from the 2014 recall - RTRS.Unlike compensatory damages, which are meant to make up for plaintiffs' losses, punitive damages are designed to punish defendants for egregious or negligent conduct, and to deter future misbehavior - RTRS.However, while his ruling leaves punitive damages available in some cases, Gerber said plaintiffs could not argue that post-bankruptcy "New GM" was liable for what pre-bankruptcy "Old GM" "knew or did." "Punitive damages may be sought against New GM to the extent - RTRS.Robert Hilliard, who represents GM plaintiffs, called the ruling a win, but GM spokesman Pat Morrissey disputed that characterization, saying it was "not a victory for plaintiffs." - RTRS.Gerber's decision will now be applied to individual lawsuits by the judges overseeing them, including U.S. District Judge Jesse Furman, who presides over more than 200 consolidated lawsuits in Manhattan federal court - RTRS.  Full Article

General Motors Co tells 1.41 mln owners don't park in garages before fix -The Detroit News - Reuters
Friday, 30 Oct 2015 12:30pm EDT 

General Motors Co:General Motors Co. warned the owners of 1.41 million older Chevys, Pontiacs, Buicks and Oldsmobiles not to park in garages or other structures indefinitely until it has a recall fix - Detroit News.Friday’s announcement came days after the Detroit automaker announced it was recalling the 1997-2004 Pontiac Grand Prix, 2000-04 Chevrolet Impala, 1998-99 Chevrolet Lumina, 1998-2004 Chevrolet Monte Carlo, 1998-99 Oldsmobile Intrigue and 1997-2004 Buick Regal - Detroit News.“Because drops of oil may be deposited on the hot exhaust manifold through hard braking, which can cause engine compartment fires.” - Detroit News.The recall covers cars with 3.8-liter V-6 3800 engines. There have been four recalls for the problem since 2008. All vehicles fixed earlier will need to be repaired again once GM has a new fix - Detroit News.Spokesman Alan Adler said GM has received reports of 1,345 fires in vehicles repaired in earlier recalls - Detroit News.About 85 percent of the fires have taken place with no one in the vehicle. The problem has been linked to 19 minor injuries over the last six years - Detroit News.GM said the earlier recall fixes didn’t work because “aging and wear to the valve cover and valve cover gasket can allow oil seepage.” - Detroit News.  Full Article

General Motors Co offering UAW bigger bonus, profit sharing than FCA - Bloomberg - Reuters
Wednesday, 28 Oct 2015 12:55pm EDT 

General Motors Co:General Motors Co's GM.N tentative agreement with the United Auto Workers union offers hourly employees a signing bonus of as much as $8,000 and better profit-sharing than Fiat Chrysler Automobiles NV, Bloomberg reported - RTRS.The union's new contract with Fiat Chrysler signed last week offers workers hired after 2007 a ratification bonus of $3,000, and those hired before 2007 a $4,000 bonus - RTRS.UAW members at GM got $5,000 under the 2011 contract, and those at Fiat Chrysler received $3,500 - RTRS.The profit-sharing formula for GM workers would remain the same as in the previous contract, but wage increases would be similar to that agreed with Fiat Chrysler, Bloomberg said - RTRS.Wages for GM's lower-tier workers, those hired since 2007, would eventually climb to the veteran rate of about $29 an hour from a current maximum of about $19 - RTRS.  Full Article

General Motors Co said it is recalling 1.4 mln of its cars from 1997 and 2004 due to a fire hazard -CNBC - Reuters
Tuesday, 27 Oct 2015 08:24am EDT 

General Motors Co:GM said it is recalling 1.4 million of its cars from 1997 and 2004 due to fire hazard; recalled models are from Canada, U.S. and Mexico -CNBC - Reuters.  Full Article

U.S. union, General Motors Co reach tentative agreement on labor contract - Reuters
Monday, 26 Oct 2015 01:05am EDT 

General Motors Co:Negotiators for the United Auto Workers and General Motors Co reached a tentative agreement on undisclosed terms for a new four-year labor contract, averting a threatened strike, the union said late on Sunday night - RTRS.The proposed deal will now go to a council of several hundred UAW leaders from GM's U.S. plants meeting on Wednesday, who are expected to approve it. The contract then goes to a ratification vote of the UAW's 52,700 workers at GM - RTRS."We believe that this agreement will present stable long-term significant wage gains and job security commitments to UAW members now and in the future," said UAW President Dennis Williams - RTRS."We look forward to presenting the details of these gains to local union leaders and the membership." - RTRS.GM confirmed in a separate statement that it had reached a tentative accord with UAW negotiators - RTRS."The new UAW-GM national agreement is good for employees and the business," Cathy Clegg, head of North American GM manufacturing and labor, said in the statement - RTRS.In the talks, GM's negotiators also wanted to reduce a labor cost disadvantage compared with Fiat Chrysler, since GM has fewer second-tier workers - RTRS.GM executives have said any labor accord could not come at the price of threatening the company's newly achieved 10 percent North American operating profit margins - RTRS.  Full Article

General Motors Co's Opel denies violating EU emissions standards - Reuters
Friday, 23 Oct 2015 07:08am EDT 

General Motors Co:General Motors' Opel division has denied violating European environmental standards after researchers said tests on one of its latest models had shown excessive emissions of nitrous oxide - RTRS.German environmental lobby group DUH said on Friday that the emissions from Opel's Zafira 1.6 CDTi multi-purpose vehicle (MPV) had been found "in certain situations" to be up to 17 times above EU limits - RTRS.citing tests carried out on its behalf by the University of Applied Sciences in Bern, Switzerland - RTRS.The University of Applied Sciences also said its tests had found this - RTRS.Opel said it had asked DUH several times to make the test results available before they were made public on Friday, with no success - RTRS.In a letter to DUH dated Oct. 21 and seen by Reuters, the carmaker said its own tests had shown the Zafira 1.6 CDTi's emission levels complied with EU standard limits - RTRS."The DUH's findings imply a subtle suspicion of manipulation on our behalf," an Opel spokesman said. "We strongly deny this accusation." - RTRS.DUH said the emissions-testing site at the Bern school mainly performs tests for Swiss authorities. It said it planned to examine other diesel models of German and foreign carmakers designed to meet the latest Euro 6 emission standards - RTRS.  Full Article

UAW picks General Motors Co for U.S. autoworker talks after Fiat Chrysler deal - Reuters
Thursday, 22 Oct 2015 04:38pm EDT 

General Motors Co:The United Auto Workers said on Thursday it will negotiate its next deal with General Motors Co, after the union's workers at Fiat Chrysler Automobiles NV ratified a new pact - RTRS.The contract reached with Fiat Chrysler will be used as a basic pattern for deals the union will attempt to reach first with GM and later with Ford Motor - RTRS.While the Fiat Chrysler pact sets the pattern, GM workers and the UAW are going to expect a richer deal because GM is more profitable, said labor analyst Arthur Schwartz. GM and Ford each have about 52,700 UAW-represented workers - RTRS.However, GM Chief Executive Officer Mary Barra and Chief Financial Officer Chuck Stevens have made clear that no deal with the UAW will threaten its maintaining 10 percent operating profit margins in North America, which it will achieve this year - RTRS.GM negotiators are expected to remind the UAW that its labor costs are higher than Fiat Chrysler's in large part because it has hired fewer lower-paid workers since 2007 - RTRS.  Full Article

Colorado woman trapped in car for days after wreck sues General Motors Co - Reuters
Wednesday, 21 Oct 2015 04:44pm EDT 

General Motors Co:A Colorado woman who was trapped inside her car for six days after losing control and rolling 300 feet (90 meters) down a mountainside is suing General Motors saying her 2009 Chevy Malibu's safety features failed, court records showed on Wednesday - RTRS.Kristin Hopkins, 45, who had both of her lower legs amputated following the April 2014 crash, alleges in the federal lawsuit filed on Tuesday that the automaker knew before her wreck that the Malibu's "crash avoidance" system was defective - RTRS.According to the negligence lawsuit filed in U.S. District Court in Denver, motorists in Colorado must traverse winding mountain roads, often in inclement weather, and the system designed to slow a car down when it senses a loss of traction failed Hopkins without warning - RTRS."Given these unavoidable driving conditions, and with guardrails rarely present, Colorado drivers must rely on these paramount crash avoidance features for their very survival," the lawsuit said - RTRS.Police said she lost control of her car on a curve near Red Hill Pass, about 65 miles (105 km) southwest of Denver, and the vehicle rolled several times down a steep embankment before coming to rest upside down in a grove of Aspen trees - RTRS.While she was learning to walk on prosthetic limbs at a Denver-area rehabilitation center, the lawsuit alleges that GM sent Hopkins a recall notice telling her the car's safety system was defective - RTRS.  Full Article

General Motors Co catches new ignition switch problem early - AP - Reuters
Thursday, 15 Oct 2015 08:00pm EDT 

General Motors Co:General Motors Co. has another ignition switch problem that can cause engines to stall, but this time it was discovered before anyone got hurt - AP.The automaker is recalling about 3,300 big pickup trucks and SUVs mainly in North America to fix the ignitions, which can get stuck in the "start" position and slip into "accessory" if jostled - AP.That causes engines to shut off and disables power steering, power brakes and possibly the air bags - AP.This time, an employee who owned one of the trucks had the problem and informed higher-ups through GM's new "Speak Up For Safety" program, in which workers can get rewards for reporting safety issues, spokesman Alan Adler said -AP.The company moved quickly to recall the trucks, keeping the number relatively small, Adler said. GM had five reports of engines shutting off but no crashes or injuries were reported, he said - AP.The recall covers some 2014 Chevrolet Silverado and GMC Sierra light-duty pickups, as well 2015 heavy-duty pickups and the 2015 Chevy Suburban and Tahoe SUVs - AP.The trucks have ignition lock gears with an outer diameter that is larger than specifications, making them difficult to turn - AP.The keys can get stuck in the "start" position at high interior temperatures, and if driven that way, it could slip into "accessory" if jostled or the cabin temperature cools, GM said in a statement issued Friday - AP.  Full Article

General Motors Co - Fiat Chrysler Automobiles NV, U.S. union UAW reach tentative agreement, averting strike - Reuters
Wednesday, 7 Oct 2015 08:00pm EDT 

General Motors Co:Fiat Chrysler Automobiles NV and the United Auto Workers said on Thursday they had reached a new tentative four-year labor agreement that averted a threatened strike of the automaker’s U.S. operations - Reuters.The agreement must be ratified by a vote of Fiat Chrysler's 40,000 union workers in the United States. A previous proposed contract was rejected by rank and file UAW workers at Fiat Chrysler in voting late last month - Reuters.Carl Durham, 45, a UAW worker at Fiat Chrysler's transmission plant in Kokomo, Ind., said his support for the new contract would depend on whether it did more than the previous deal to narrow or eliminate the roughly $9-an-hour gap in pay between veteran workers and more recent hires - Reuters.Neither the union nor the company disclosed details of the new tentative pact. It's not clear whether Fiat Chrysler will spend more than it would have under the proposal it offered the UAW last month - Reuters.If this agreement is ratified, the UAW will try to use the pact as a template for negotiations with the U.S. operations of General Motors Co and Ford Motor Co - Reuters.  Full Article


Ford union workers ratify new four-year U.S. labor pact: UAW

DETROIT Ford Motor Co's U.S. union workers narrowly approved a four-year labor contract after a late push for support by United Auto Workers leaders, the UAW said late Friday night.

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