WELCOME TO THE NEW YORK STATE TEACHERS’
RETIREMENT SYSTEM V. GENERAL MOTORS COMPANY
SECURITIES LITIGATION WEBSITE
Notice: Update on Distribution to Court approved Class Members.
The Court has approved the distribution of the net settlement funds to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following dates:
July 2019
October 2021
If you have any questions, please contact the Claims Administrator whose contact information is listed here below:
New York State Teachers’ Retirement System v. General Motors Company, LLC
P.O. Box 10262
Dublin, OH 43017-5762
(866) 459-1720
info@gmsecuritieslitigation.com
Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.
This is a security class action (the "Action") that was brought by investors alleging, among other things, that Defendants violated the federal securities laws by making false and misleading statements and omitting material information about GM’s product warranty and recall liabilities, internal controls and commitment to safety.
Lead Plaintiff New York State Teachers’ Retirement System, on behalf of itself and the Settlement Class, as defined in the Notice, achieved a settlement of the Action for $300,000,000 in cash (the “Settlement”) resolving all claims in the Action. The Claim Filing Deadline for the Settlement was April 27, 2016.
On May 19, 2016, the Court entered an Opinion and Order approving the Settlement as fair, reasonable and adequate, approving the Plan of Allocation, and awarding attorneys’ fees and expenses.
On June 13, 2016, a class member who had objected to the approval of the Settlement in the District Court appealed the judgment approving the Settlement. The Sixth Circuit Court of Appeals denied that appeal on November 27, 2017. The objector filed a petition for certiorari to the U.S. Supreme Court and, on October 29, 2018, the Supreme Court denied the objector’s petition, resolving the appeal.
The Claims Administrator has completed processing of claims. On May 2, 2019, we filed a motion in the District Court addressing certain disputed claims and requesting that the Court authorize the distribution of settlement funds to class members who filed valid claims. The Court approved that motion on May 21, 2019, and the Initial Distribution of settlement funds took place on July 31, 2019. A Second Distribution occurred in October 2021. A Third Distribution is scheduled for the second half of 2024. Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.