General Motors settles with California for $5.75M
SACRAMENTO, Calif. (AP) — General Motors Co. has agreed to a $5.75 million settlement with California regarding false statements the company made to investors about problems with its deadly ignition switches. The faulty ignition switches led to at least 124 fatalities and 274 injuries nationwide. The defect also resulted in the recall of more than nine million vehicles in 2014 from the largest U.S. automaker. GM did not admit any wrongdoing as part of the agreement, and the company’s media representatives did not immediately respond to a request for comment on Friday. California’s settlement came about because the state’s largest pension system, the California Public Employees’ Retirement System, lost millions of dollars in GM stock.