GM to Pay $900M to Settle Criminal Charges Over Ignition Switch Defect

The U.S. Justice Department said on Thursday that it has reached a $900 million settlement with General Motors (GM) over the automaker's flawed ignition switch that has been tied to more than 120 deaths. U.S. Attorney for the Southern District of New York Preet Bharara said, 'GM failed to disclose a deadly safety defect to the public and its regulators. By doing so, GM put its customers and the driving public at serious risk. Justice requires the filing of criminal charges, detailed admissions, a significant financial penalty, and the appointment of a federal monitor. These measures are designed to make sure that this never happens again.' As part of the agreement, General Motors must pay the fine, which is in addition to the $560 million in the Victim's Compensation Fund, within the next week and also agree to an independent monitor that will review GM's safety policies and practices. TheStreet's Ruben Ramirez reports from New York.