General Motors is hoping to begin closing the door on its ignition switch scandal with the payment of a $1 million penalty to the U.S. Securities and Exchange Commission.
The SEC was one of the many government agencies to pursue GM after the maker was found to have improperly responded to internal data showing a faulty switch design could cause some of its vehicles to shut off unexpectedly. The defect has been blamed for at least 124 deaths and hundreds of injuries. The securities probe focused not on safety but whether improper accounting kept the company from properly disclosing the potential financial impact of the defect to shareholders.
The fine is relatively modest when compared to the more than $2 billion the defect has so far cost the largest of the Detroit automakers. That includes a $900 million settlement GM reached with the U.S. Justice Department to close a criminal investigation in September 2015. The automaker also paid a $35 million penalty to the National Highway Safety Administration.