GM, Chrysler Bankruptcies Erase Injury Claims

Paul Jacquart

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A CNN article today explains that individuals with injury claims against General Motors and Chrysler for defective products are likely to have their claims wiped away by the bankruptcies of those companies. An enormous fuss has been made by the media about the unfairness of the GM and Chrysler bankruptcies for corporate bondholders, shareholders, and other investors, but little attention has been paid to those with pending or future injury claims. Unlike investors who had the opportunity to assess the known risks of the investments they were making, people injured by defective products are truly the victims of circumstances beyond their control. It is unfair to let these companies walk away from their obligations to such claimants when tens of billions of U.S. taxpayer dollars have been handed to them.