GM resolves SEC accounting case tied to ignition switch

Reuters News
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Posted: Jan 18, 2017 12:03 PM

NEW YORK (Reuters) - General Motors Co has agreed to pay $1 million to resolve a U.S. Securities and Exchange Commission accounting case related to a faulty ignition switch linked to 124 deaths and 275 injuries, the regulator announced on Wednesday.

The SEC said the deal would resolve charges that accounting control failures at the automaker prevented GM from properly assessing the potential financial impact of the defective ignition switch, which led to vehicle recalls beginning in 2014.

(Reporting by Nate Raymond in New York)