Five U.S. senators --all Democrats-- today urged the Justice Department to oppose any efforts by the automaker to skirt financial responsibility related to the company's failure to promptly recall vehicles with ignition switch problems linked to 13 deaths, Reuters reports.
In a letter to Attorney General Eric Holder, the senators said the Justice Department should "intervene in pending civil actions to oppose any action by GM to deny responsibility for damages."
The senators were referring to the possibility that GM could use a legal loophole to avoid paying damages authorized by pending lawsuits. The company was reorganized in bankruptcy proceedings, with the "new" GM not responsible for the "old," pre-2009 GM, Reuters noted.
TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."