Feds Fine GM Over Ignition Switch Row
One of the last remaining government product liability investigations ended when the automaker agreed to pay a $1 million fine to the Securities and Exchange Commission.
According to the SEC, General Motors ignored a critical ignition switch flaw for at least ten years, leading to more than 120 deaths and 270 serious injuries in Saturn Ions, Chevrolet Cobalts, and several other model cars that had ignitions prone to sudden shutdown during operation. Specifically, GM engineers failed to promptly inform company accountants of the significant product liability risk, and that is a violation of SEC rules.