GM agrees to settlement over faulty ignition switches (yes still)

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Thread: GM agrees to settlement over faulty ignition switches (yes still)

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    GM agrees to settlement over faulty ignition switches (yes still)

    https://www.detroitnews.com/story/bu...es/2931913001/


    The deal, which must be approved by a judge, would resolve hundreds of lawsuits filed before the automaker sought bankruptcy protection in 2009.

    Under the settlement, which was filed Friday in federal court in Manhattan, GM will contribute as much as $70 million to drivers and in some cases their survivors.

    A trust formed in connection with its bankruptcy will contribute $50 million, according to the settlement. GM also agreed to pay as much as $34.5 million to the lawyers who represented drivers in the court case.

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Nobody wins except the lawyers.
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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    The 2 things I get out of this are

    Lawyers only get 65% and don't have to Die to receive it.

    And Why is this "Trust" just coming to surface now?

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Do not blame the attorneys, we the people set up the system

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by InCogKneeToe View Post
    https://www.detroitnews.com/story/bu...es/2931913001/


    The deal, which must be approved by a judge, would resolve hundreds of lawsuits filed before the automaker sought bankruptcy protection in 2009.

    Under the settlement, which was filed Friday in federal court in Manhattan, GM will contribute as much as $70 million to drivers and in some cases their survivors.

    A trust formed in connection with its bankruptcy will contribute $50 million, according to the settlement. GM also agreed to pay as much as $34.5 million to the lawyers who represented drivers in the court case.
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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by InCogKneeToe View Post
    The 2 things I get out of this are

    Lawyers only get 65% and don't have to Die to receive it.

    And Why is this "Trust" just coming to surface now?
    The timing could be a coincidence or just the timing of the case working itself out, or it could also be GM managing the bad news (or is it good that it is finally settled?) - the stock can't go any lower, so drop this news now while everyone is distracted by the coronavirus.

    And, if I read it correctly, GM is paying all of the lawyers separately, meaning not part of the amount going to the fund - a separate transaction. There is no way to know if the settlement would have been larger if the judge knew the lawyers fees were coming out of that or not.

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by BlackGTP View Post
    The timing could be a coincidence or just the timing of the case working, or it could also be GM managing the bad news (or is it good that it is finally settled?) - the stock can't go any lower, so drop this news now while everyone is distracted by the coronavirus.

    And, if I read it correctly, GM is paying all of the lawyers separately, meaning not part of the amount going to the fund - a separate transaction. There is no way to know if the settlement would have been larger if the judge knew the lawyers fees were coming out of that or not.
    In reading the article the numbers don't seem to add up. Nevertheless, in this kind of case the Judge would need to approve not only the settlement but the lawyers fees.

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    I'm glad it's finally settled, but in most circumstances the damned lawyers get most of it.

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by 1958carnut View Post
    I'm glad it's finally settled, but in most circumstances the damned lawyers get most of it.
    I'd love to see the number of hours worked vs. how much they made - meaning $$ per hour. I bet it is something crazy like $500 an hour.

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by BlackGTP View Post
    I'd love to see the number of hours worked vs. how much they made - meaning $$ per hour. I bet it is something crazy like $500 an hour.
    That's not out of line for lawyer fees. Hopefully lower for less intense situations. Haven't hired one but I read the paper.
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    I hope that remaining $85 million to owners is not spread across the owners of the 6 million
    vehicles that had their ignition switches replaced, that wouldn't even be $15 each...

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by BlackGTP View Post
    The timing could be a coincidence or just the timing of the case working itself out, or it could also be GM managing the bad news (or is it good that it is finally settled?) - the stock can't go any lower, so drop this news now while everyone is distracted by the coronavirus.

    And, if I read it correctly, GM is paying all of the lawyers separately, meaning not part of the amount going to the fund - a separate transaction. There is no way to know if the settlement would have been larger if the judge knew the lawyers fees were coming out of that or not.


    Down 4.25% premarket.


    Quote Originally Posted by BlackGTP View Post
    I'd love to see the number of hours worked vs. how much they made - meaning $$ per hour. I bet it is something crazy like $500 an hour.
    Is this a fair way to look at attorney "wages"?
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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by Ed753 View Post




    Is this a fair way to look at attorney "wages"?
    They make up for it with $200 Photocopies, and $300 Faxes Upsells. That way the Secretaries are the Money Grabbers.

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by Ed753 View Post


    Down 4.25% premarket.




    Is this a fair way to look at attorney "wages"?
    Being the article was published on 3/27 my guess is the drop you quoted has everything to do with Coronavirus market trends and nothing to do with the ignition issue. Perfect time to drop bad news, people are distracted and the stock already pummeled. Though I'm not sure how this news is viewed by the big investors - it is putting the ignition scandal behind GM, so no longer any unknowns about large sums of money being rewarded and I assume the potential payout was already baked into the price - it's just if the settlement is what was expected or not.

    Yes, the hourly rate is a fair way to look at the rate. The billed rate represents the hourly rate of the person being billed plus overhead. In other words most of that rate is profit to the partner, generally the overhead of an office isn't going to be that much. Same as when I was in public accounting. That's why CPA's and lawyers drive S Classes.

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    Re: GM agrees to settlement over faulty ignition switches (yes still)

    Quote Originally Posted by BlackGTP View Post
    Being the article was published on 4/27 I'd say the drop you quoted has everything to do with Coronavirus market trends and nothing to do with the ignition issue. Perfect time to drop bad news, people are distracted and the stock already pummeled. Though I'm not sure how this news is viewed by the big investors - it is putting the ignition scandal behind GM, so no longer any unknowns about large sums of money being rewarded.

    Yes, the hourly rate is a fair way to look at the rate. They charge separately for any costs incurred, like photocopying or a fee from an expert. The billed rate represents the hourly rate of the person being billed plus overhead. In other words most of that rate is profit to the partner, generally the overhead of an office isn't going to be that much. Same as when I was in public accounting. That's why CPA's and lawyers drive S Classes.
    also much the same as ANY mechanic we BILL $ per hour labour + parts - BUT HAVE WAY higher "overhead"

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