Thousands of used GM owners may get $800 from lawsuit

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General Motors may pay individual car owners as much as $800 for a class auction lawsuit on some vehicles 17 years old and covered under a class-action lawsuit, according to The Detroit News.

Most of the claims associated with the lawsuit were paid before GM went into bankruptcy in 2009. The carmaker agreed in 2008 to pay for as many as 35 million GM vehicles supplied with coolant linked to engine failures or cooling system problems.

General Motors began using “Dex-Cool” in 1995 model vehicles and received thousands of complaints from owners for engine and radiator problems. In 2003, a series of class-action lawsuits were filed.

According to the newspaper, 11,300 claims remain, with approved claims totaling $1.3 million for 6,685 owners and another 4,614 claims still awaiting review.

Under a proposed settlement, the “Dex-Cool” owners will get a $2.2 million claim as one of the many debtors.

The owners will get stock in new GM that will be sold for cash to cover the claims. It’s not clear how much the stock will cover of the claims.

The suit covers many vehicles from the 1995-2004 model years that GM long since stopped building, including the Pontiac Aztec, Grand Am and Grand Prix.

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