GM Resolves SEC Investigation on Ignition Switch Defect

[Gorehamj]

John Goreham
Contributing Writer, GM-Trucks.com
1-18-2017

General Motors announced today that it has resolved a Securities and Exchange Commission (SEC) investigation related to the on-going ignition switch defect debacle. The GM relaese is as follows:

 

"General Motors Co. (NYSE: GM) announced today that it has resolved a U.S. Securities and Exchange Commission investigation arising from the company’s 2014 ignition switch recalls by consenting to an administrative SEC Cease and Desist Order, without admitting or denying any wrongdoing.

 

The SEC settlement does not call into question any of GM’s current or prior financial statements or its disclosures. Also, no material weakness or significant deficiency was found by the SEC.

Since the ignition switch recall, GM has been proactively and successfully resolving ignition switch issues with customers and regulators at both the state and federal level. GM will pay a civil penalty of $1 million as part of the settlement.

 

In the months immediately following the ignition switch recall, GM reorganized its vehicle engineering teams for greater transparency, urgency and accountability. This included creating a new global vehicle safety organization that is focused on executing zero-defect safety systems for vehicles and customers.

 

The safety organization includes an industry-leading emerging issues and data analysis team and a re-engineered field investigation process. The company also created a “Speak Up For Safety” program that provides all employees and suppliers an opportunity to report or suggest any potential safety related items."

 

We have been following the ignition switch lawsuits very closely at GM-Trucks.com. A few related stories are below, and a search for "Ignition" in the search bar will yield more complete results:

- GM Loses Bankruptcy Shield - Could Mean Billions In Liability Payments

- GM Has Yet To Lose a Bellwether Ignition Switch Case

- The GM Ignition Switch Trial Result Few Saw Coming

- New GM Ignition Recall - Now It's New Silverados and Sierras

- GM ignition switch defect hurt or killed about 400 people