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March 13, 2009 |
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ASBESTOS LITIGATION: General Motors Records $648Mil Liability General Motors Corporation's liability recorded for asbestos- related matters was US$648 million at Dec. 31, 2008 and US$637 million at Dec. 31, 2007, according to the Company's annual report filed with the Securities and Exchange Commission on March 5, 2009. The Company's asbestos-related liability was US$660 million at Sept. 30, 2008 and US$531 million at Sept. 30, 2007. (Class Action Reporter, Dec. 5, 2008) The reserve balance between Sept. 30, 2007 and Dec. 31, 2007 increased primarily as a result of a US$349 million increase in the reserve for probable pending and future asbestos claims, which was partially offset by a reduction in the reserve for existing claims of US$251 million resulting from fewer claims and lower expenses than previously estimated. Headquartered in Detroit, General Motors Corporation develops, manufactures, and markets vehicles worldwide through its four automotive segments: GM North America, GM Europe, GM Latin America/Africa/Mid-East, and GM Asia Pacific. |
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