GM to pay 200+ Million to settle lawsuit

General Motors just can't buy a break...literally. Because of their financial statements being "slightly" off, a class action lawsuit was filed by investors who said that because of the misappropriated numbers, that it inflated their stock price, therefore causing them to lose money. GM has chosen to pay out 227 million dollars in damages to this claim, 26 million to their own auditor. Nice.

While 200 million of this will more than likely be covered by insurance, this can't be good at all in terms of publicity for GM. Talk about adding insult to injury. The charge was initiated in the second quarter but the payment will be accounted in the third quarter.

Will this cycle ever come to an end? For the sake of those still holding those "inflated" shares, let's hope so...

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GM to pay 200+ Million to settle lawsuit

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