General Motors has agreed to pay a $1-million-dollar penalty to the Securities and Exchange Commission for violating accounting rules — linked to its deadly ignition switches.
The SEC says the automaker settled charges that it had deficient controls that stopped it from properly assessing ignition switch scandal’s impact on their financial statements. GM consented to an SEC order without admitting to charges.
GM recalled 2.6 million small cars worldwide in 2014. The switches are responsible for at least 124 deaths and 275 injuries.