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Key Developments: General Motors Co (GM)

GM on New York Consolidated

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Latest Key Developments (Source: Significant Developments)

Cadillac says announced plans to launch Cadillac House in New York City
Monday, 23 May 2016 09:41am EDT 

General Motors Co : Cadillac says announced plans to launch Cadillac House in New York City; will open to the public on june 2, 2016 Source (http://bit.ly/1WcAYg3) Further company coverage: [GM.N] ((Bengaluru Newsroom; +1 646 223 8780;)).  Full Article

General Motors Co recalls 1.04 mln pickup trucks worldwide to repair seat belts - Reuters News
Friday, 15 Apr 2016 07:22pm EDT 

General Motors Co:General Motors Co said Friday it is recalling nearly 1.04 million newer pickup trucks for a seat belt flaw. - RTRS.The largest U.S. automaker said the recall of the 2014-15 Chevrolet Silverado and GMC Sierra 1500 pickups is not linked to any crashes or injuries.GM said the cost of the large recall "is not expected to be significant and is covered within normal and customary warranty reserves.".  Full Article

General Motors Co settles ignition-switch case before 3rd trial - Reuters News
Friday, 8 Apr 2016 01:26am EDT 

General Motors Co:General Motors Co on Thursday said it had agreed to settle a lawsuit that would have been the third case to go to trial over a faulty ignition switch linked to nearly 400 injuries and deaths.In a letter filed in federal court in Manhattan, GM's lawyers said the automaker had entered into a confidential settlement with Nadia Yingling, whose lawsuit over her husband's 2013 death following a car crash was set to go to trial May 2.It was unclear why GM decided to settle the case. GM confirmed the deal but offered no further comment. A lawyer for Yingling did not respond to a request for comment.The deal came a week after GM scored a win in the first case to reach a verdict in a series of six test trials scheduled over the ignition switch.The switch can slip out of place, causing engines to stall and cutting power to the brake, steering and air bag systems.Although GM succeeded in last week's trial in convincing jurors that the ignition switch in question was not responsible for the accident in the case, the jury did conclude the switch was defective.A prior trial ended without a verdict in January following allegations that the plaintiff gave misleading testimony.GM has admitted that some of its employees knew about the problems for years, and it has already paid roughly $2 billion in settlement and penalties.It continues to face 235 injury and death lawsuits consolidated before a federal judge in Manhattan.  Full Article

General Motors Co ignition switch was defective, U.S. jury finds - Reuters News
Wednesday, 30 Mar 2016 11:57am EDT 

General Motors Co:A U.S. jury found on Wednesday a General Motors ignition switch was defective, but was not the cause of a 2014 car accident in which two plaintiffs said they were injured. - RTRS.The verdict in a two-week trial in Manhattan federal court is the first involving an accident blamed on the switch.Dionne Spain and Lawrence Barthelemy said they have suffered back pain and other injuries when a faulty switch in Spain's 2007 Saturn Sky slipped out of position and caused it to crash, while GM said the accident was minor and the result of slippery roads.  Full Article

General Motors Co recalling 6,280 police vehicles in the U.S. - Reuters News
Tuesday, 29 Mar 2016 12:30pm EDT 

General Motors Co:GM Says Is Recalling 6,280 police pursuit vehicles in the united states to replace the power steering gear assembly - RTRS.GM says due to extended idling times and elevated underhood temperatures, vehicles may experience loss of electric power steering assistance.  Full Article

General Motors Co faces second trial over accident blamed on recalled ignition switch - Reuters News
Monday, 14 Mar 2016 05:28pm EDT 

General Motors Co:Lawyers for General Motors Co and two Louisiana residents suing the U.S. automaker over a 2014 car crash clashed in federal court in Manhattan on Monday about whether the accident was caused by icy roads or a faulty ignition switch that prompted the recall of millions of vehicles weeks later - RTRS.During opening arguments in the second lawsuit to go to trial over the switch.Randall Jackson, a lawyer representing plaintiffs Dionne Spain and Lawrence Barthelemy, told jurors that the crash could have been avoided if GM had taken action in response to numerous reports it had received since 2004 about problems with the switch.It has been linked to nearly 400 serious injuries and deaths.A lawyer for GM, Mike Brock, acknowledged that some GM employees made “mistakes and errors in judgment” in dealing with the switch over the course of a decade, but he said the part was not to blame for Spain and Barthelemy’s crash.Instead, he said the accident was likely caused by hazardous weather, including ice on the bridge where Spain was driving, noting that 35 other accidents had been reported on the bridge that night. “This car is not the villain in this case,” he said.Their lawsuit is the second to go to trial since GM recalled 2.6 million vehicles in 2014 with the switch, which can slip out of place, causing engine stalls and cutting power to steering, air bags and brake.  Full Article

General Motors Co - S.Korea fines Denso, Mitsubishi Elec in car part price-fixing case - Reuters
Tuesday, 23 Feb 2016 09:41pm EST 

General Motors Co:South Korea's anti-trust regulator fined Denso and Mitsubishi Electric a combined 1.14 billion won ($924,229.40) on Wednesday on charges of colluding to fix the prices of engine starter motors supplied to General Motors GM.N. - RTRS.This is the seventh price-fixing case involving global auto component makers probed by South Korea and comes amid a worldwide crackdown on car part cartels.In 2008, Denso and Mitsubishi Electric colluded on bid prices for the engine starter motors used in GM's Spark, Cruze and Orlando vehicles made in South Korea, the Fair Trade Commission said in a statement.Denso was fined 510 million won and Mitsubishi Electric 630 million won. Denso said it won't have to pay the fine because it has applied for a leniency program which enables a company to escape sanctions if on its own it reports the illegal conduct.An official at Mitsubishi Electric was not immediately available for comment.  Full Article

General Motors Co - U.S. judge to stick with plan for GM ignition-switch test trials - Reuters
Tuesday, 23 Feb 2016 01:30pm EST 

General Motors Co:A federal judge in Manhattan on Tuesday said he does not intend to alter, for now, a plan to try five more early test cases this year in federal litigation against General Motors Co over a faulty ignition switch linked to nearly 400 injuries and deaths - RTRS.Lawyers for plaintiffs suing the automaker had told U.S. District Judge Jesse Furman that trying the remaining cases scheduled for this year may not be the most efficient way to advance the resolution of hundreds of remaining injury and death claims.GM had opposed their request, saying that the current plan was working as intended.During a hearing Tuesday, Furman said he intended "to stay the course” and try the remaining five bellwether, or test, cases scheduled in the federal litigation for this year.But Furman acknowledged that the bellwether process was not perfect and said he remained open to alternatives, including adding recently filed cases to the trial slate.A lead lawyer for GM plaintiffs, Elizabeth Cabraser, said she and her co-counsel were encouraged by Furman’s willingness to consider “refinements, alternatives and additions to the bellwether process.”.GM has admitted that certain employees had known for years, prior to its 2014 recall of 2.6 million vehicles, that problems with the switch could cause it to slip out of place, stalling engines and cutting power to air bags, brakes and steering.It has paid $2 billion in related penalties and settlements.  Full Article

General Motors Co prices $2.0 billion of senior unsecured notes
Thursday, 18 Feb 2016 04:50pm EST 

General Motors Co:Prices $2.0 billion of senior unsecured notes.Says notes include $1.25 billion of 6.60 percent notes due in 2036.Says announced today the pricing of two series of senior unsecured notes for a total of $2.0 billion.Intends to use the net proceeds from the sale of the notes to make a discretionary contribution to its U.S. hourly pension plan.Says notes include $0.75 billion of 6.75 percent notes due in 2046.  Full Article

General Motors Co files for potential senior notes offering
Thursday, 18 Feb 2016 08:39am EST 

General Motors Co:Files for potential senior notes offering; size not disclosed - SEC Filing.  Full Article

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China's SAIC-GM to recall 2.16 million vehicles as crankcase valves may corrode: watchdog

BEIJING General Motors Co's joint venture with SAIC Motor Corp Ltd will recall about 2.16 million vehicles starting Aug. 15 because the engine crankcase valves may corrode, China's principal consumer protection watchdog said on Thursday.