Detroit-based GM recently disclosed that it reached a $277 million settlement last month with plaintiffs who had accused GM of a litany of errors, including improper accounting and overstating income in a near-six-year period from 2000 to 2006.
A spokesperson for GM said the company has $100 million from an unidentified insurer that will cover the settlement, a spokeswoman said. GM’s recently posted 10-Q report actually refers to $200 million in D&O coverage for the settlement, but GM’s spokesperson said half of that coverage is for settlements of litigation that the company is declining to disclose.