$220M Settlement Over Drivers’ Data Inked by General Motors

New York has filed a lawsuit against General Motors (GM) over alleged deceptive trade practices, according to court records. The specifics of the complaint are not yet available. GM's stock may be affected by the legal developments.

GM and Ford warned of potential cost pressures in their Q3 results. GM CFO Paul Jacobson said inflation-driven expenses could reduce earnings by $2 billion in 2027, matching 2023 pressures. GM CEO Mary Barra expects 2027 to improve over 2026 if demand holds and costs ease. Ford reported Q3 net income of $2 billion, down from $2.4 billion a year earlier, and raised its full-year adjusted EBIT guidance to $10.5-$11 billion.

General Motors (GM) will pay $220 million to settle a case where it logged and sold driver data without consent. A Michigan man received 200 pages of his driving data, sold to LexisNexis and used by insurers. 36 attorneys general alleged GM violated privacy laws, with some drivers unknowingly enrolled in the Smart Driver program. GM ended data-sharing with third parties in March 2024.

North Carolina Attorney General Jeff Jackson announced a $503,460 share of a $40M multistate settlement with Ahold Delhaize over alleged inflated prescription drug prices reported to Medicare, Medicaid, and TRICARE. The settlement resolves claims that the company's supermarkets, including Food Lion and others, did not report discounted prices as usual and customary. The case followed a whistleblower lawsuit in Pennsylvania.

GM agreed to a $220M settlement with 35 states over selling driver data without consent. The settlement prohibits such data collection for 5 years. Texas' lawsuit is ongoing.

GM cut the price of the Cadillac Lyriq in China by 14%, joining VW in EV price reductions. GM and Honda are partnering on affordable EVs. GM is working with LG to address Bolt battery fires. GM extended production cuts at North American plants due to chip shortages.