Former GM exec indicted in VW scandal

Article Abstract:

Former General Motors purchasing executive Jose Ignacio Lopez de Arriortua was indicted by the Justice Dept for stealing GM documents and transferring them to Volkswagen. Lopez was charged with wire fraud and transportation of stolen property. The Justice Dept will request Lopez's extradition from Spain to the US. Lopez's US attorney, however, said that the VW and GM had already settled a civil lawsuit in 1997 and that German authorities withdrew a criminal case against Lopez in 1998.

Legal issues & crime

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GM to idle plants, cut inventory levels

Article Abstract:

General Motors Corp has disclosed that it will temporarily close eight plants and lay off 23,000 workers in the US and Canada. The plants to be shut down include car plants in Wilmington, DE, Kansas City, KS, Ste Therese, Quebec, and Orion Township, MI, and truck plants in Doraville, GA, Shreveport, LA, Linden, NJ, and Janesville, WI. The automaker has to idle plants and eliminate jobs to be able to trim a bloated inventory of unsold vehicles.

Plant shutdown

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Stymied stock swap pushes GM into drop

Article Abstract:

The price of General Motors Corp's shares fell 10.8% on May 22 due to a sell off by investors who failed to exchange their GM stock for shares in GM subsidiary Hughes Electronics. GM said it received stock which were four times greater than the number of shares it was willing to accept in exchange for its class H stock. Class H stock monitors the performance of Hughes Electronics but does not confer ownership in Hughes.

Securities prices

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