GM to Pay $1M SEC Fine for Ignition Switch
Jan. 19, 2017—General Motors (GM) announced on Wednesday that it will pay a civil penalty of $1 million as part of its settlement with the U.S. Securities and Exchange Commission (SEC), following the SEC’s investigation into the automaker’s 2014 ignition switch recalls.
The automaker will consent to an administrative SEC Cease and Desist Order, without admitting or denying any wrongdoing.
The SEC settlement does not call into question any of GM’s current or prior financial statements or its disclosures. Also, no material weakness or significant deficiency was found by the SEC.
Since the ignition switch recall, the automaker has worked to resolve ignition switch issues with customers and regulators at both the state and federal level.