- Posted February 16, 2016
- Tweet This | Share on Facebook
Court upholds dismissal of GM shareholder lawsuit
By Randall Chase
AP Business Writer
DOVER, Del. (AP) - Delaware's Supreme Court has upheld the dismissal of a lawsuit filed by General Motors shareholders over faulty ignition switches.
After hearing arguments last week, the court affirmed a judge's ruling from last summer.
The judge said the plaintiffs failed to satisfy a requirement that a shareholder suing on behalf of a company and seeking to hold top officials accountable must first demand that the board take action itself, or demonstrate why such a demand would be futile.
The faulty switches have been blamed for scores of deaths and injuries. GM knew about them for more than a decade but didn't recall them until early 2014.
The company said last year that the scandal, which prompted hundreds of lawsuits and a federal criminal probe, has cost it more than $5 billion.
Published: Tue, Feb 16, 2016
headlines Oakland County
- Meet the Judges
- Phishing and Smishing and Skimming and Shimming: Nessel encourages public to watch out for common scams during NFL Draft
- 56 years later, bias case is closed: Hamtramck completes new housing
- Attorneys to explain new U.S. DOL rules
- Michigan employers, local partners spotlight Gov. Whitmer’s budget recommendations and benefits for Going PRO Talent Fund
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case