A class-action lawsuit involving more than 10,000 General Motors vehicle owners may finally be resolved as Motors Liquidation Co. – better known as Old GM – has agreed to a settlement worth $2.2 million.
The lawsuit stems from a 2008 settlement. GM agreed to pay up to 35 million vehicle owners as much as $800 for engine and cooling system failures linked to its “Dex-Cool” system. Most of the claims were settled prior to GM’s 2009 bankruptcy, but some owners were left without compensation.
However, those “Dex-Cool” owners left out by GM’s bankruptcy will finally receive their payments – pending final court approval. Old GM has agreed to pay $2.2 million, listing the owners as one of its debtors. The owners will receive their payment as stock in the new GM, which will be sold for cash.
Prior to its 2009 bankruptcy, GM doled out $6.1 million to settle 40,000 of the 68,000 claims involving its “Dex-Cool” system. Additionally, GM also covered the owners’ $24 million in legal fees.
GM used the “Dex-Cool” system in several vehicles between 1995 and 2004, including the Pontiac Aztek, Grand Am and Grand Prix.
References
1.’GM vehicle owners…’ view
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