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Saturday, May 18, 2024 | Back issues
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General Motors Settles Accounting Case 

General Motors agreed to pay $1 million to settle charges that deficient internal accounting controls prevented the company from properly assessing the potential impact on its financial statements of a defective ignition switch found in some vehicles.

WASHINGTON - General Motors agreed to pay $1 million to settle charges that deficient internal accounting controls prevented the company from properly assessing the potential impact on its financial statements of a defective ignition switch found in some vehicles.

Without admitting or denying the charges, General Motors consented to the Securities and Exchange Commission’s order finding that the company violated Section 13(b)(2)(B) of the Securities Exchange Act by not devising and maintaining a sufficient system of internal accounting controls.

Categories / Business, Government

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