Archive for the “Lawsuit” Category

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WASHINGTON – A House lawmaker said Friday that internal Toyota documents show the automaker deliberately withheld key vehicle design and testing evidence in lawsuits filed by Toyota drivers injured in crashes.

In a letter to Toyota’s top North American executive, House oversight committee Chairman Edolphus Towns accused Toyota of shielding its testing data on potential problems with Toyota vehicles.

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NEW YORK (CNNMoney.com) — Bank of America and regulators once again urged a federal judge to uphold a $33 million settlement tied to the disclosure of Merrill Lynch bonuses.

In two separate court filings made Wednesday, both the Charlotte, N.C.-based bank and the Securities and Exchange Commission defended the proposed settlement the pair struck in early August.

The settlement followed an SEC investigation into bonus payments made to Merrill executives earlier this year. BofA announced it was buying Merrill on the day that Lehman Brothers collapsed last September. The deal was completed in January.

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DETROIT (Reuters) — Chrysler Group LLC. has sued Daimler AG, saying the German automaker has failed to honor supply contracts for parts essential for the production of key 2010 Chrysler vehicles.

Chrysler, which emerged from bankruptcy in June under new management led by Fiat SpA, said in the lawsuit filed Friday it would be forced to halt production of several 2010 model year vehicles if it does not get the components.

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WARREN, Mich. – Even now, as General Motors fights for survival, there is something ambivalent about its prescription for saving itself, a conflict implicit in a bit of symbolism that recently greeted arrivals to the Detroit Metropolitan Airport even before they reached baggage claim.

One of GM’s touted new automobiles sat on display in the center of the automaker’s airport gift shop. It was not the coming electric car, the 2011 Chevrolet Volt, championed by Bob Lutz, the GM executive most identified with the Hail Mary that the vehicle represents for the bankrupt company

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Full Story At  CBS News

(AP) Washington Mutual’s holding company is suing federal regulators for billions of dollars, saying the fire sale of the bank’s assets to J.P. Morgan Chase violated its rights.

The lawsuit was filed Friday in U.S. District court in Washington, D.C., against the Federal Deposit Insurance Corp., which seized the Seattle-based savings-and-loan in September. It was the largest bank failure in U.S. history.

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