Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more. Why New GM Is Fighting Old GM Over 1 Billion Claim For Deadly Ignition Switches. Heres a story that sounds very 2. Parts Per Billion Full Movie Part 1' title='Parts Per Billion Full Movie Part 1' />TheINQUIRER publishes daily news, reviews on the latest gadgets and devices, and INQdepth articles for tech buffs and hobbyists. Watch The Hacker Wars Online Mic. The New York City Taxi Limousine Commission has released a staggeringly detailed historical dataset covering over 1. Mindspark Interactive. Help Uninstall EULA Privacy. Part 1 of 2 The Road to Superintelligence. Artificial Intelligence the topic everyone in the world should be talking about. General Motors is set to fight General Motors in court. To the untrained eye, that may seem strange, but the scenario is a byproduct of the automakers bankruptcy nearly a decade ago, and GMs deadly ignition switch scandal that later followed, leaving almost 1. Heres why GM is looking in the mirror. The shadow of old General Motors looms large over the post bailout company this week as theRead more Read. As part of the automakers bankruptcy, the Old GM General Unsecured Creditors Trust was created to handle claims filed against GM as part of its restructuring. The trust is whats known as the so called Old GM. Attorneys representing ignition switch plaintiffs said late last week that New GMthat is, the spring chicken that came to life thanks to the U. S. government bailing it outis on the hook for 1 billion to settle additional claims from deadly ignition switches. In case you need a refresher, GM recalled about 2. GM knew about the problem for more than a decade, reacted slow to address the issue, and, in the end, a total of 1. To seek penance, GM paid more than 2 billion, including 9. Wall Street Journal. General Motors has won its third of six bellwether cases, with a Texas jury finding that thereRead more Read. Now, attorneys for Old GM have signed off on a complicated plan that has New GM crying foul. A settlement for additional ignition switch claims announced on Friday would require the trust to pay 1. New GM to pay 1 billion in stock to settle the score. The settlement is expected to be signed as early as tomorrow, but New GM could complicate matters, because it says the arrangement is a contrived scheme that wont work. We will aggressively protect our rights and our shareholders, and will work to hold the GUC Trust and plaintiffs accountable for their bad faith and improper actions, GM said in a statement to Bloomberg on Friday. That sounds a bit callous, given were talking about claims for people who died because of GMs own incompetence. But the automaker believes the trust has overstepped its boundaries, as it was designed to handle this exact kind of case. What GM Bargained ForThats the thing Attorneys for plaintiffs in the settlement say New GM actually isnt insulated from the trust, as the automaker seems to argue. The reason 3. 5 billion. Heres how Bloomberg explains it Under the accord, which requires a judges approval, the trust will pay plaintiffs 1. Steve Berman said. That would then trigger a provision of the 2. GM to contribute 1 billion in stock to help pay the claims, he said. Berman is an attorney involved in the settlement discussions, according to the WSJ, and he said the trusts agreement here doesnt violate the terms of GMs bankruptcy. To date, General Motors outside fund has approved 1. Read more ReadThis is what GM bargained for as part of the 2. Berman told. Blooomberg. Its working exactly the way its supposed to work. Berman told. Reuters that the proposed settlement would resolve about 1. The Legal Shield. When the scandal emerged in 2. GM attempted to claim that its bankruptcy shielded the automaker from liabilities like deadly ignition switches. Initially, a federal court agreed that it could rely on the bankruptcy to dodge lawsuits over the defect, but a federal appeals court last year overturned the case, saying GM failed to provided consumers proper notice of the defect by failing to reveal it for so many years, according to the WSJ. The U. S. Supreme Court later declined to hear GMs appeal of that decision. Heres more from WSJ GM waived the legal shield for ignition switch victims seeking money from a compensation fund the auto maker established that eventually paid out about 6. But other claimants have continued to go after the auto maker, leading to the latest legal battle. And that latest legal battle, essentially, pits GM against itself. How quaint. Expectedly, the Old GM attorneys didnt offer any comment to news outlets on Friday, and maybe thats because theyre looking to see how the judge responds to the proposal this week. Berman told. WSJ he wants to put a signed settlement before a judge as early as tomorrow.