The details of the settlement are yet to be disclosed, as they are confidential. GM’s lawyers are working with the plaintiffs’ lawyers to complete the documentation within a month’s time, after which it will begin implementing the court’s order.
As per a Friday’s court filing, General Motors Co has agreed to settle multiple federal lawsuits by 203 plaintiffs over defective ignition switches in its vehicles.
Although the settlement terms haven’t been disclosed since they are confidential, going by the lawyers of the company, the accord will resolve hundreds of state court claims.
When asked to respond to requests for comment, a spokesman for GM did not immediately respond to a request for comment.
Lawyers for the settling plaintiffs could not immediately be reached for comment.
GM has been facing hundreds of lawsuits over faulty ignition switches that could prevent airbags from deploying in crashes and cause engines to stall.
The defects have been linked to 124 deaths and 275 injuries and have prompted a vehicle recalls.
The company has paid around $2.5 billion in penalties and settlements related to the defect.
Earlier this year in April, the U.S. Supreme Court stood by a lower court’s ruling that GM’s effort to scuttle many private lawsuits.
The company has argued that its 2009 bankruptcy reorganization excused it from addressing earlier defects.
The company’s lawyers have said, they are working with the plaintiffs’ lawyers to complete documentation within the next month for the settlement, whose terms “will take some time” to implement.
The case is In re: General Motors LLC Ignition Switch Litigation, U.S. District Court, Southern District of New York, No. 14-md-02543.