GM resolves SEC investigation in faulty switches

DETROIT — General Motors Co. has resolved a U.S. Securities and Exchange Commission investigation arising from the company’s 2014 ignition switch recalls with a $1 million settlement.

The automaker consented to an administrative SEC Cease and Desist Order, without admitting or denying any wrongdoing.

The SEC settlement does not call into question any of GM’s current or prior financial statements or its disclosures. Also, no material weakness or significant deficiency was found by the SEC.

Since the ignition switch recall, GM has worked to resolve ignition switch issues with customers and regulators at both the state and federal level. GM will pay a civil penalty of $1 million as part of the settlement.

In 2014, GM started to recall nearly 2.6 million vehicles for faulty ignition switches. Included in the recall were: the 2005-2010 Lordstown-built Chevrolet Cobalt, 2007-2010 Pontiac G5, 2006-2011 HHR, 2006-2010 Pontiac Solstice, 2003-2007 Saturn Ion and 2007-2010 Saturn Sky.