GM Wins Appeal in First Circuit

The Advocate reports that General Motors has won an appeal to the First Circuit Court of Appeal preventing owners of GMC and Chevy pickups with sidesaddle gasoline tanks to sell their $1,000 vouchers for new GM vehicles for $100.

Plaintiffs' counsel in the original class action arranged with Certificate Redemption Group of Houstong to buy the certificates, planning to sell them to companies or individuals. GM objected to the organized effort to create a secondary market by claiming that it made "impermissible" and "substantive" changes to the settlement agreement. Both sides have applied for a rehearing.

Posted by AJR at January 27, 2003 08:00 AM