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As part of the settlement, GM has agreed to pay $5.75 million for “purported violations on GM’s alleged failure to disclose the need for, and cost of, the Recalls related to ignition switch and airbag defects in public documents,” according to the agreement document.  ADVERTISEMENT The state argued that GM concealing these problems and failing to warn investors of upcoming losses, “artificially inflated GM s stock price, causing the California Public Employees’ Retirement System (CalPERS) to lose millions of dollars,” Becerra’s office stated in its press release.  “General Motors cheated California twice – first by concealing a fatal flaw in its vehicles, then by concealing the facts about the flaw in its financial disclosures, which affected the retirement investments of public servants across California,” Becerra said in a statement. 

United statesXavier becerraDepartment of healthHuman servicesTraffic safety administrationGeneral motorsCalifornia public employee retirement systemNational highwayLegal settlementsConsumer protection lawCar crashCalifornia attorney generalGeneral motors ignition switch recallGeneral motors recallJoe bidenNational highway traffic safety administration