Gm ignition switch economic settlement12/19/2023 ![]() Posts or comments recommending products or services may be removed if deemed inappropriate. Links to nonprofits, government sites and major media are generally acceptable. Links to tax professionals, blogs and the like are not allowed. Recommendations or requests for specific tax professionals or services are not allowed. That includes offering or sending private messages, chats, or anything similar. Trying to take discussions "offline" is NOT allowed. ![]() This is the fastest way of getting the attention of the moderators. Use the "report" button and leave a reason for your report. ![]() PLEASE REPORT any post or comment that violates the rules. We try to keep up but most of us earn our living preparing tax returns. If your post doesn't show after 6 hours, message the mods. A lot of redditors use throwaway accounts for their tax questions, so if you don't see your post right away, this is why. Posts from NEW USERS will likely go to SPAM. Any opinions offered herein are for informational purposes only. There is no protected ยง7525 or attorney-client relationship when discussing matters in posts on a message board. and International, Federal, State, or local. News, discussion, policy, law relating to any tax - U.S. Justice Department.A community for redditors interested in taxation. GM has already paid roughly $2.5 billion to settle ignition switch-related claims, including $900 million to settle a criminal probe by the U.S. About 2.4 million claims, involving vehicles sold after GM's bankruptcy, would have remained pending in another court. The settlement called for the trust to accept $10 billion in claims to resolve about 11.9 million allegations over economic loss and between 400 and 500 personal injury and wrongful death claims. Under the deal the plaintiffs lawyers worked out, GM would have been required to contribute $1 billion in stock to compensate car owners. A lawyer for the trust did not immediately respond to a request for comment. "Judge Glenn clearly thought the trustee and (law firm) Gibson Dunn acted in bad faith and we see therefore they both must be removed as trustee," Berman said, adding that plaintiffs would take up settlement talks with a new trustee. Steve Berman, one of the lawyers representing the car owners, in a statement said his side was disappointed but saw a victory in the ruling nevertheless. But he said that despite the trust's last-minute turnabout, applicable law did not allow the enforcement of an unexecuted agreement. Glenn blasted the lawyers of the trust in his Thursday order, saying their "dishonesty, or bad faith, was not lost" on him. The trust walked away several days later, instead accepting GM's offer to help pay for the trust's defense against the car owners' claims. Lawyers for the car owners and the trust had agreed to a deal in August, but never signed the agreement. The claims stem from GM's 2014 recall of 2.6 million vehicles with defective ignition switches, including one linked to 124 deaths. ![]() Bankruptcy Court in New York said the agreement that car owners had reached with a trust that holds many GM liabilities from before its 2009 bankruptcy was not valid without signatures. By Tina Bellon NEW YORK (Reuters) - A federal bankruptcy judge on Thursday said a settlement agreement that would require General Motors Co to pay $1 billion in stock to car owners suing the company over faulty ignition switches was not enforceable. ![]()
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