Saturn VTi Transmission - Defendant in Bankruptcy

GM filed its bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York. The filing results in an automatic stay of all litigation (a suspension), including the Saturn VTi Transmission class-action litigation. Although the U.S. District Court for the Eastern District of California granted final approval of the proposed class settlement regarding the Saturn VTi transmission litigation on April 16, 2009, the extent to which GM will be required to honor the settlement, and the process for submitting claims, will be determined at a later date. LakinChapman, LLC will review the bankruptcy filing, and will determine the best course of action.

Since GM filed its bankruptcy petition, there is a possibility that the settlement could result in less than 100% recovery of the settlement terms, and it may result in no recovery at all if there are insufficient funds following payment of other creditors.

We will continue to provide information via our web-site regarding GM's bankruptcy and the mechanism for filing claims once the procedures for doing so have been established.

Like so many people, we are saddened and disappointed by this development. The Saturn VTi Transmission class-action litigation was filed in October of 2007, following several months of investigation. More than two years of time and effort have been invested in the litigation. LakinChapman, LLC has been honored to represent the Class throughout this process.

Those seeking more information may contact this firm at saturnvti.classaction@lakinchapman.com, or call (800) 851-5523. You may also visit this website, http://www.lakinchapman.com/, for updates.

Go to Saturn VTi Settlement Information

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