Attorneys are continuing to fight to prove that the recalls from General Motors this year allegedly affect vehicle resale values. A $10 billion lawsuit, which is hoping to obtain class-action status, could cover as many as 27 million vehicles and consolidates hundreds of smaller claims. This latest case appears to be related to the one from June in California but is now in a New York court. Both are brought by the law firm Hagens Berman Sobol Shapiro LLP.
General Motors has one more recall-related lawsuit to add to its growing stack, but this time it isn't about the company's ignition switch fiasco. The latest case claims owners lost value on vehicles dating back to 2009, including those that the automaker never recalled. The law firm filing the suit thinks it could affect over 15 million vehicles in the US and be worth over $10 billion.
Kenneth Feinberg, the man in charge of the General Motors compensation fund dealing with the its widespread ignition switch woes, has issued an informal, two-letter response to the plaintiffs in more than 70 lawsuits seeking redress for lost resale value of their Cobalts: "No." The cases were recently combined into one, but Feinberg told The Detroit News that the fund will deal "only with death and physical injury claims," and that "perceived diminished value" will get no consideration.
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