💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

'Major Announcement' Coming On GM's Handling Of Recalls

Published 05/16/2014, 10:55 AM
Updated 05/16/2014, 11:30 AM
'Major Announcement' Coming On GM's Handling Of Recalls
GM
-

By Reuters - U.S. officials will make a major announcement Friday morning as part of their investigation into General Motors' (NYSE:GM) handling of vehicles recalled for defective ignition switches, the Department of Transportation said in a statement.

The department, along with other U.S. agencies, is investigating the timing of the automaker's recall over the faulty switches, which have been linked to at least 13 deaths.
 
The announcement is expected at 11:15 a.m. EDT (1515 GMT).
© Reuters/Rebecca Cook. A man walks past a row of General Motors vehicles at a Chevrolet dealership on Woodward Avenue in Detroit, Michigan April 1, 2014. 

GM engineers first discovered the defect in 2001, and the company has been criticized for failing to detect the faulty part and for not recalling the vehicles earlier.
 
Congress, the Department of Justice, the U.S. Securities and Exchange Commission and several states are conducting their own investigations, and GM has an internal probe that is expected to be completed within the next two weeks.
 
The announcement Friday comes one day after GM announced a another five recalls covering nearly 3 million vehicles worldwide because of tail lamp malfunctions and potential faulty brakes.
 
(Reporting by Ben Klayman and Richard Cowan; Writing by Susan Heavey; Editing by Bill Trott)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.