The Hollywood Reporter is your source for breaking news about Hollywood and entertainment, including movies, TV, reviews and industry blogs. Torrentz will always love you. Farewell. © 2003-2016 Torrentz. Here’s a story that sounds very 2017 for you: General Motors is set to fight General Motors in court. To the untrained eye, that may seem strange, but the scenario. It’s Monday, which makes it a good day to channel your inner current-gen Mazda Miata: smiling on the outside, yet ready to give somebody a hardcore evil eye at any.
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Why New GM Is Fighting 'Old' GM Over $1 Billion Claim For Deadly Ignition Switches. Here’s a story that sounds very 2. General Motors is set to fight General Motors in court. To the untrained eye, that may seem strange, but the scenario is a byproduct of the automaker’s bankruptcy nearly a decade ago, and GM’s deadly ignition switch scandal that later followed, leaving almost 1. Here’s why GM is looking in the mirror.
The shadow of old General Motors looms large over the post- bailout company this week as the…Read more As part of the automaker’s bankruptcy, the “Old GM” General Unsecured Creditors Trust was created to handle claims filed against GM as part of its restructuring. The trust is what’s known as the so- called Old GM. Attorneys representing ignition switch plaintiffs said late last week that New GM—that is, the spring chicken that came to life thanks to the U. S. government bailing it out—is on the hook for $1 billion to settle additional claims from deadly ignition switches.
In case you need a refresher, GM recalled about 2. GM knew about the problem for more than a decade, reacted slow to address the issue, and, in the end, a total of 1. To seek penance, GM paid more than $2 billion, including $9. Wall Street Journal. General Motors has won its third of six “bellwether” cases, with a Texas jury finding that there…Read more Now, attorneys for Old GM have signed off on a complicated plan that has New GM crying foul. A settlement for additional ignition switch claims announced on Friday would require the trust to pay $1.
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New GM to pay $1 billion in stock to settle the score. The settlement is expected to be signed as early as tomorrow, but New GM could complicate matters, because it says the arrangement is a “contrived scheme” that “won’t work.” “We will aggressively protect our rights and our shareholders, and will work to hold the GUC Trust and plaintiffs accountable for their bad faith and improper actions,” GM said in a statement to Bloomberg on Friday. That sounds a bit callous, given we’re talking about claims for people who died because of GM’s own incompetence. But the automaker believes the trust has overstepped its boundaries, as it was designed to handle this exact kind of case. What GM Bargained For’That’s the thing: Attorneys for plaintiffs in the settlement say New GM actually isn’t insulated from the trust, as the automaker seems to argue. The reason? $3. 5 billion.
Here’s how Bloomberg explains it: Under the accord, which requires a judge’s approval, the trust will pay plaintiffs $1. Steve] Berman said. That would then trigger a provision of the 2. GM to contribute $1 billion in stock to help pay the claims, he said. Berman is an attorney involved in the settlement discussions, according to the WSJ, and he said the trust’s agreement here doesn’t violate the terms of GM’s bankruptcy.
To date, General Motors’ outside fund has approved 1. Read more “This is what GM bargained for” as part of the 2. Berman told. Blooomberg.
It’s working exactly the way it’s supposed to work.”Berman told. Reuters that the proposed settlement would resolve about 1. The Legal Shield. When the scandal emerged in 2. GM attempted to claim that its bankruptcy shielded the automaker from liabilities like deadly ignition switches. Initially, a federal court agreed that it could rely on the bankruptcy to dodge lawsuits over the defect, but a federal appeals court last year overturned the case, saying GM failed to provided consumers proper notice of the defect by failing to reveal it for so many years, according to the WSJ. The U. S. Supreme Court later declined to hear GM’s appeal of that decision.
Here’s more from WSJ: GM waived the legal shield for ignition- switch victims seeking money from a compensation fund the auto maker established that eventually paid out about $6. Download Riding Bean Cartoon In Hd. But other claimants have continued to go after the auto maker, leading to the latest legal battle. And that latest legal battle, essentially, pits GM against itself. How quaint. Expectedly, the Old GM attorneys didn’t offer any comment to news outlets on Friday, and maybe that’s because they’re looking to see how the judge responds to the proposal this week. Berman told. WSJ he wants to put a signed settlement before a judge as early as tomorrow.