— General Motors has agreed to settle class action claims for economic losses suffered by owners and lessees of vehicles that were recalled in 2014 for problems related to the ignition switches, power steering, key rotations and side airbag wiring.
The plaintiffs claim they overpaid for their vehicles, allegations denied by GM which decided to settle the lawsuit because of the continued expense of litigation.
The General Motors settlement fund will be $121.1 million, and although the lawyers who sued are expected to receive $34.5 million, no estimates have been reached about what vehicle owners may receive because much depends on how many owners and lessees file claims.
In addition, payment amounts to eligible class action members will vary depending on which recall applied to their vehicle, the cost to implement the settlement and the number of GM customers who file claims.
The settlement includes all individuals, businesses and organizations, but daily rental fleet businesses, governmental entities and certain consumers are not included in the settlement. The settlement also does not include the release of claims for wrongful deaths or injuries.
The $121 million settlement follows multiple other actions related to GM's ignition switches, including $595 million to resolve death and injury compensation claims, $575 million to settle other death and injury claims and a shareholder lawsuit, and another $900 million to settle a government criminal probe.
Visit GMIgnitionSwitchEconomicSettlement.com or call 877-545-0241 to see if your vehicle is covered by the settlement.