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GM accepts 'troubling' Cobalt report GM accepts 'troubling' report on Chevrolet Cobalt recall
(35 minutes later)
General Motors has accepted the findings of a "brutally tough, deeply troubling" report into recalls of its Chevrolet Cobalt over ignition problems which have been linked to 13 deaths. General Motors (GM) has accepted the findings of a "brutally tough, deeply troubling" report into recalls of its Chevrolet Cobalt over ignition problems which have been linked to 13 deaths.
GM also said it would launch a compensation fund for crash victims and their families.
Chief executive Mary Barra said the report, which was carried out by former US Attorney Anton Valukas, found "the Cobalt saga was riddled with failures".Chief executive Mary Barra said the report, which was carried out by former US Attorney Anton Valukas, found "the Cobalt saga was riddled with failures".
She said 15 employees who had acted "inappropriately" had left the company. She said 15 employees have been fired.
Five other workers who acted "inappropriately" have been disciplined.
To date, the firm has recalled 2.6 million cars with the defective switch.To date, the firm has recalled 2.6 million cars with the defective switch.
It took the carmaker more than a decade to report the ignition switch failures. No cover-up
But in a statement, the company also pointed out that the report had found no conspiracy or cover-up. It took the carmaker more than a decade to report the ignition switch failures, in which the switch can slip out of the "run" position and effectively shut down the car, causing the driver to lose control.
Although the problem has been linked to 13 deaths so far, lawyers for victims put the total at closer to 60.
Ms Barra, in announcing the results of Mr Valukas's report which involved over 200 employee interviews and more than 40 million documents, promised to "fix the failures in our system".
However, in a statement, GM emphasized that the report had found no conspiracy or cover-up.
"The Valukas report confirmed that Mary Barra, [and other GM executives] Mike Millikin and Mark Reuss did not learn about the ignition switch safety issues and the delay in addressing them until after the decision to issue a recall was made on January 31, 2014," GM chairman Tim Solso said."The Valukas report confirmed that Mary Barra, [and other GM executives] Mike Millikin and Mark Reuss did not learn about the ignition switch safety issues and the delay in addressing them until after the decision to issue a recall was made on January 31, 2014," GM chairman Tim Solso said.
Last month, GM paid a $35m fine - the maximum allowed by US law - for its failure to report the ignition switch problems in a timely manner.
Crash fund
The compensation fund will be run by Kenneth Feinberg, who also led claims processing in the wake of September 11 and the BP oil disaster in the Gulf of Mexico.
It will start taking claims on 1 August.
Shares in the US car giant barely budged in the wake of the report.
Earlier this week, it reported its best May sales in seven years.