General Motors twice experienced the business end of a leather glove Wednesday, when over 20 million consumers demanded satisfaction via two lawsuits totalling $10 billion in claims over lost resale value as a result of the February 2014 ignition switch recall.
Bloomberg reports two class actions would come GM’s way, the larger representing those who bought a GM vehicle between July 2009 and July 2014, whether or not they were still in possession of said vehicle.
The smaller lawsuit, meanwhile represents those who bought the automaker’s vehicles prior to the automaker’s bankruptcy in July 2009, though it may be muted depending on how a bankruptcy judge in New York rules next year regarding whether or not claims for accidents and economic losses made before the bankruptcy would be allowed to move forward.
According to the filing for the larger suit, “New GM’s” claims of being focused on safety and innovation was little more than a mask, resulting in diminished values of all GM-branded vehicles as a result of both the recall and the automaker’s “corporate culture of ignoring and concealing safety defects.”
For its part, GM vowed in an email to “vigorously defend against plaintiffs’ claims that GM vehicles have reduced resale value.”
The post GM Slapped With Lawsuits Totalling $10B Over Lost Value Claims appeared first on The Truth About Cars.
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