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US regulators stop daily fines on GM

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US regulators stop daily fines on GM

Among the many deeds that General Motors has to account for when it comes to the company’s mishandling of the 2.6 million cars recall over a defective ignition switch, many could be lost among paperwork.

For example, since April 3, the No.1 US automaker has been fined daily by the US National Highway Traffic Safety Administration with $7,000 because of the company’s failure to present documents and answer all questions coming from investigators. The fines didn’t even stop after the automaker and the NHTSA announced that GM agreed to pay the record maximum fine allowed by US law for its failure to report the safety problem faster – no less than $35 million.

So, on the other hand, the fact that only yesterday the safety regulator said the carmaker can stop paying the daily fine – which for the period amounts to a measly cumulative figure of $430,000 – could seem just a drop in an Olympic sized pool.

The federal regulator imposed the daily fine because of the automaker’s inability to respond to all 107 questions concerning the February recall that has turned into a massive public scandal – with the 2.6 million cars linked to 13 deaths.

The NHTSA also said that General Motors is due to pay its record $35 million fine on Friday, with GM spokesman Greg Martin confirming the automaker would pay “under the terms of the consent order.”

Via Reuters

by Aurel Niculescu (my Google+) - Thursday, June 12th, 2014 - filed under General Motors, Industry, News. Image credit: .
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