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GUC Trust Proposes Settlement for 2009 and Before Recall Victims
KILLEEN, Texas — Owners of recalled General Motors vehicles prior to the company’s July 2009 bankruptcy, can now rest assured that they will get relief from problems stemming from faulty ignition switches and defective power steering and airbags. The bankruptcy trust created by “Old GM”, GUC Trust, proposed a settlement offer to a New York Bankruptcy Court that could total slightly more than $1 billion to a settlement fund for victims. In the coming weeks, postcard notices informing owners of affected vehicles about the settlement will be mailed. Additionally, notices will go to anyone who has filed a lawsuit. While the filing deadline to be included in the settlement has yet to be announced, The Carlson Law Firm is continuing to accept clients who were injured prior to July 10, 2009 in a defective GM vehicle.
The Carlson Law Firm is assisting individuals:
- involved in a motor-vehicle incident in a recalled GM vehicle prior to July 10, 2009
- who owned a vehicle with a GM Ignition-Switch Recall
- in a car accident with no airbag deployment
- who suffered injuries as a result of GM’s defective product
The lawsuit stems from GM’s 2014 recall of more than 2.4 million vehicles with faulty ignition switches and airbags. Documents show that the company was aware of the problem as early as 2001. Because of this, the company’s 2009 bankruptcy doesn’t shield it from being held accountable for fraudulent concealment.
If the proposed settlement is approved, GUC Trust would pay $15 million into a settlement fund. This move will trigger the courts valuing the total of claims at over $10 billion prompting New GM to share obligation for pre-2009 defective vehicles. The measure has been moved for by the GUC Trust. If approved by the court, New GM would deliver 30 shares of common stock to the settlement fund—essentially adding $1.14 billion to pay economic loss, personal injury and wrongful death claims. The New York Bankruptcy Court is scheduled to have a hearing on the matter on May 25.
Carlson Law Firm Managing Partner, Craig Carlson is representing owners of defective vehicles said, “It is great to see an end in sight on this journey that has lasted for years. People who have been suffering since 2008 or 2009 as a result of GM’s now have a chance to get the compensation they deserve, after GM knowingly sold defective cars and failed to issue timely recalls.”
The Carlson Law Firm is a Texas-based national law firm committed to providing exceptional legal services in the areas of personal injury, medical malpractice, dangerous drugs and defective products, mass torts, bankruptcy, family law, criminal defense, military criminal defense, nursing home abuse and consumer protection. The Carlson Law Firm has been successfully representing clients for over 40 years with 12 offices all over Texas.
For Immediate Release
Media Contact: Kazia Conway