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SEC Joins List of Groups Probing GM’s Ignition Switch Recall
The U.S. Securities and Exchange Commission is investigating General Motors Co.'s belated recall of faulty ignition switches, the company notes in a regulatory filing.
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The U.S. Securities and Exchange Commission is investigating General Motors Co.'s belated recall of faulty ignition switches, the company notes in a regulatory filing.
The SEC's probe presumably is to determine whether GM was tardy in notifying investors of the defect, which the company has acknowledged was noticed by its engineers more than a decade ago. CEO Mary Barra has testified that she learned of the problem last December. But the defect wasn't mentioned in the company's annual report for 2013, which was released in February.
The SEC investigation joins similar probes by Congress, the U.S. Dept. of Justice, the National Highway Traffic Safety Administration and at least one state attorney general.
GM also has disclosed that it has been hit by 60 potential class-action lawsuits in the U.S. and Canada so far. The complaints are from owners who say the value of their cars was hurt by the ignition switch recall.
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