Thursday, November 20, 2014

Arizona sues GM over alleged drop in car values

Arizona’s attorney general is suing General Motors Co. for about $3 billion, saying it sold millions of unsafe vehicles and should be forced to compensate the state over the alleged lost value of vehicles.

The lawsuit was filed Wednesday by Attorney General Tom Horne under the Arizona Consumer Fraud Act and seeks about $3 billion from GM based on the about 300,000 GM vehicles registered in Arizona that have been recalled this year.

But that money wouldn’t go to owners of the cars and trucks; instead Horne in a telephone interview said if successful in the suit, money recovered would go to the state and could fund things such as education. He said any recovery likely would be less, but still substantial.

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