Court upholds dismissal of GM shareholder lawsuit

By Randall Chase AP Business Writer DOVER, Del. (AP) - Delaware's Supreme Court has upheld the dismissal of a lawsuit filed by General Motors shareholders over faulty ignition switches. After hearing arguments last week, the court affirmed a judge's ruling from last summer. The judge said the plaintiffs failed to satisfy a requirement that a shareholder suing on behalf of a company and seeking to hold top officials accountable must first demand that the board take action itself, or demonstrate why such a demand would be futile. The faulty switches have been blamed for scores of deaths and injuries. GM knew about them for more than a decade but didn't recall them until early 2014. The company said last year that the scandal, which prompted hundreds of lawsuits and a federal criminal probe, has cost it more than $5 billion. Published: Tue, Feb 16, 2016