General Motors Co. (GM) - Get Report has agreed to settle federal lawsuits with as many as 203 people affected by the defective ignition switch issue that was responsible for for hundreds of deaths and injuries.
GM faced a recall crisis after 124 deaths and 275 injuries were attributed to a faulty ignition switch issue that caused vehicles to stall and air bags not to deploy during crashes.
GM has already paid $2.5 billion in penalties and settlements in connection with the issue. The financial details of today's settlements were not made public.
GM's shares were unchanged at $34.18 in post-market trading on Friday.
What's Hot On TheStreet:
Well OK then, Jeff Immelt: General Electric's (GE) - Get Report outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR) - Get Report CEO might have made about Amazon (AMZN) - Get Report who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.
Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.
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