The hits keep on coming, right into GM’s chin, gut and the back of the head it seems. The legal team of Hagens Berman Sobol Shapiro LLP are suing General Motors, with the hope for a movement to a class-action lawsuit, for ten billion dollars in damages in compensation stemming from the lost resale value of GM cars from the “New GM era” (2009-14). According to the documents filed in a New York court, “The value of all GM-branded vehicles has diminished as a result of the widespread publication of those defects and New GM’s corporate culture of ignoring and concealing safety defects,” as reported by Bloomberg. Up to 20 million vehicle owners may fall under eligibility requirements for the lawsuit, s0 long as they bought or leased a GM vehicle built between July 2009 to July 2014 and either still own the vehicle, had an accident that destroyed the vehicle, or sold it after Feburary 2014, when the recalls started to become a serious issue for the company.
General Motors has been under the gun most of this year, with 74 recalls issued that affected over 26 million cars at the time of writing, including a recall involving ignition switches that has resulted in 27 at-fault death compensation payments so far and a projected 151 more up for review. General Motors is refusing to pay lost-value claims at this time.
(Source: Autoblog)
GM is once again being a$$holes, refusing to pay… like it or not, it’s true, the value of these cars has dropped in the general public’s perception. People who don’t know any better feel like the cars could kill them at any time, and those with an ounce of sense realize that GM values their lives at less than $5 apiece. They will try any sneaky trick in their book to sell you a car, and from there “it’s your fault” especially if you bought from “old GM”.
The only money made from this suit will go to the lawyers , car owners will see much less than $1000 each.
For good will,and maybe save a few customers, GM should give current owners a HUGE trade in allowance good on everything GM builds. *huge is something like 85% of original MSRP or more. Really do everything they can to get effected cars off the road. Then BEG customers to stay.
I agree, this is nothing more than a money grab by the lawyers taking this caase. GM would be very wise to offer a solid trade in allowance for the affected cars…Win their hearts and minds and such….
What bull shit! Take a look at used cars lately? You arent getting a 2yr old anything for 50% less than a new one anymore. This is fabricated nonesense.
I think I really need to find a new employer because this ship is sinking fast
If you are employed by GM (or a GM dealer) then your stories could be very welcome on automotive blogs. I don’t know if there is compensation but there are a lot of people out there who wonder what it is like on the inside.
Couldn’t happen to a more worthy target.
I hope this finally puts them out of their misery.
Forever.
A law firm(trolls) that spend their days looking for companies they think they can get money out of and suing them. They will get all the money the the plaintiffs get a discount coupon if they should decide to buy a new car. Like I said, TROLLS.
Personally, I think people wanting to sue GM for depreciation is a joke.. They didn’t hold their value to start with. If consumers wanted to sue for depreciation; it would have at least made some sense to try to get money back from Toyota. But the Toyota buyers basically used the recall notices to negotiate for discounts on their next Toyota.
Honestly and without some fanboy bs Ive never had a bad GM car. Me and my wife have had plenty of them through the years as well as the rest of the family. Maybe one out of dozens has been a turd. I hear horror stories but aside from some minor stupid things that were fixed quickly,no problem. If they have something I like at the time im ready for a car im going for it.
Must be nice. Every GM I’ve owned has been a colossal turd.
People sued Toyota over the same thing when their values plummeted after all the unintended acceleration lawsuits, and resulting recalls. No one wanted a Prius for all of six months. It’s all temporary. One fact is people have short term memory.
Yes, owners lost money. Is that any worse than owners that made other bad picks on cars? Yeah we are caught up in the corporate probs , but dont’t we all own our actions and purchases?