NEW YORK (TheStreet) -- General Motors (GM) was gaining 1.7% to $33.92 Wednesday after the automaker asked a federal court in Texas to postpone lawsuits against it related to ignition-switch defects in vehicles made before the company exited bankruptcy in 2009.
GM said it is protected from liability for claims for incidents that happened before it exited bankruptcy. The automaker filed a motion to stay lawsuits related to recent recalls while it tries to get clarification of the extent of its protection from the bankruptcy court.
According to Reuters, the company filed a similar motion with the U.S. District Court for the Northern District of California earlier, asking for a stay on pending cases.
At the New York International Auto Show GM CEO Mary Barra will create a global product integrity group to improve its handling of safety issues in the future.
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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."