Pension funds' suit against GM dismissed
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Delaware Chancery Court Judge Sam Glasscock dismissed case against General Motors Monday. The match was submitted by associates of General Motors Corporation's pension funds and billed the GM board's lousy leadership was responsible for the ignition-switch fiasco which led to a huge recall effort and numerous consumer suits against the Detroit auto-maker.
The match was dismissed on the grounds that the GM board failed to knowingly act in bad-faith against its stakeholders. In his opinion, Glasscock recognized the inevitability of the match as well as the humanity of the scenario. "The factual situation underlying this issue is regrettably familiar," he stated. "An iconic American firm makes a service or product that goes terribly awry, creating the firm monetary and reputational harm, and possibly doing harm to culture at-large as well.""Here, the effects of the corporate action in question are especially distressing."This newest success for General Motors in the on-going ignition swap scandal is different from prior opinions in that it's focused only on the board's responsibility to its stakeholders to to behave in good-faith. It will not address the problem of General Motors Corporation's obligation to its clients or their households."The actions at issue here, as pled, falls short of an absolute failure to try and set up info or reporting methods, a conscious failure to track existing methods, or run otherwise used bad-faith," Glasscock said.A preceding opinion by Bankruptcy Judge Robert Gerberpheld the "New GM" insolvency shield that guarded the post-re-organization thing from liability suits brought against the earlier iteration of the corporation. Read Source
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