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GM pays US$900m in US criminal settlement over ignition switches
[NEW YORK] General Motors Co has agreed to pay US$900 million and enter a deferred prosecution agreement to end a US criminal investigation into its handling of defective ignition switches in many of its vehicles and which are linked to 124 deaths.
The automaker admitted to failing to disclose to its US regulator and the public a potentially lethal safety defect with the switches that kept airbags from deploying in some vehicles. It also admitted to having affirmatively misled consumers about the safety of vehicles affected by the defect.
The settlement was disclosed in papers filed on Thursday in Manhattan federal court.