GM reaches settlement over lost vehicle value from defective ignition switches

NEW YORK — Standard Motors has arrived at a $one hundred twenty million settlement with owners who claimed that their vehicles shed price simply because of faulty ignition switches, which have been linked to 124 fatalities.

The preliminary settlement was filed on Friday night time with the federal court in Manhattan and calls for acceptance by U.S. District Judge Jesse Furman. It would resolve the past big piece of litigation stemming from ignition switches that could trigger GM vehicles to stall and protect against airbags from deploying.

The automaker denied legal responsibility in agreeing to settle, court papers clearly show.

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