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Thu Oct 6, 2022, 04:01 AM

GM Financial to pay over $3.5 mln to resolve claims it violated U.S. law

Source: Reuters

WASHINGTON, Oct 5 (Reuters) - GM Financial, a unit of General Motors Co (GM.N), agreed to pay over $3.5 million to resolve allegations it violated a U.S. federal law that provides certain benefits and protections to eligible servicemembers, the Justice Department said.

GM Financial was accused of violating the Servicemembers Civil Relief Act by illegally repossessing 71 servicemembers' vehicles and by improperly denying or mishandling over 1,000 vehicle lease termination requests, the Justice Department said in a statement on Wednesday.

GM Financial has agreed to pay $3.5 million to the affected servicemembers and a $65,480 civil penalty to the government, the Justice Department said, adding that the company will pay at least $10,000 to each of the 71 servicemembers who had their vehicles unlawfully repossessed.

GM Financial, in an emailed statement, acknowledged the settlement reached with the Justice Department and said it had cooperated throughout the probe.

Read more: https://www.reuters.com/legal/gm-financial-pay-over-35-mln-resolve-claims-it-violated-us-law-2022-10-05/



DOJ press release: https://www.justice.gov/opa/pr/gm-financial-pay-over-35-million-resolve-servicemembers-civil-relief-act-claims

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Reply GM Financial to pay over $3.5 mln to resolve claims it violated U.S. law (Original post)
TexasTowelie Oct 6 OP
Old Crank Oct 6 #1
essaynnc Oct 6 #2
Wonder Why Oct 6 #3

Response to TexasTowelie (Original post)

Thu Oct 6, 2022, 04:39 AM

1. Need to start jailing

The CEO and CFO along with the boards of directors.
This is why corps aren't people. Fines are just a business expense and write off.
Mske the theives pay one year of gross income. 5 years probation and every transaction has a note saying the company is a felon.

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Response to TexasTowelie (Original post)

Thu Oct 6, 2022, 06:52 AM

2. $3.5 million?

Nothing more than pocket change.

Less than a slap on the wrist.

I agree, if the crime warrants pain, then make it REALLY hurt.

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Response to essaynnc (Reply #2)

Thu Oct 6, 2022, 08:37 AM

3. I have said this many times. Fines against companies put the burden on

stockholders, customers and employees who bear no blame but pay the price when a company hands over money in fines. The fines (and jails) belong to those responsible, especially those at the top that not only know or should know what is going on or caused it but who benefit most from it.

One CEO in jail is worth more than $3.5 million in corporate fines.

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