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Court Asked to Open Treasury’s GM Bailout Records
A lawsuit filed in Washington, D.C., by the Center for Auto Safety argues that the U.S. Dept. of Treasury's role in protecting General Motors Co. from post-bailout lawsuits should be made public.
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A lawsuit filed in Washington, D.C., by the Center for Auto Safety argues that the U.S. Dept. of Treasury's role in protecting General Motors Co. from post-bailout lawsuits should be made public.
Bloomberg News says the advocacy group seeks documents showing that Treasury representatives may have counseled GM to abandon most of its prior product liabilities as it emerged from bankruptcy in 2009. The center is investigating GM's recall of 2.6 faulty ignition switches linked to 45 fatalities.
The Treasury Dept. has asked the federal court judge to reject the center's lawsuit. The department argues that the information can't be revealed under the Freedom of Information Act because it might thwart negotiations for a similar bailout of another company in the future.
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