Mexican Media Brands
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.
#regulations
Share
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.
RELATED CONTENT
-
Porsche Racing to the Future
Porsche is part of VW Group and it is one of the companies that is involved in putting vehicles on the U.S. market with diesel engines in violation of EPA emissions regulations, specifically model year 2013–2016 Porsche Cayenne Diesel 3.0-liter V6 models.
-
Takata Recalls Another 3.3 Million Airbag Inflators in U.S.
More than a dozen carmakers are preparing to recall another 3.3 million vehicles in the U.S. to replace Takata Corp. airbag inflators that could explode in a crash.
-
Toyota Targets 2021 Launch for V2V Tech in U.S.
Toyota Motor Corp. plans to expand its vehicle-to-vehicle communication technology to the U.S. by 2021 and offer it across most Toyota and Lexus models in the country by mid-decade.