GM » Topics » Hughes Split-Off Class Actions

This excerpt taken from the GM 10-K filed Mar 15, 2007.
Hughes Split-Off Class Actions
 
On April 11 and 15, 2003, two purported class actions, Matcovsky, et al., v. Hughes Electronics Corporation, et al. and Brody v. Hughes Electronics Corporation, et al., were filed in Superior Court in Los Angeles, California, against Hughes, GM and the directors of Hughes Electronics Corporation (Hughes) and GM. These cases were consolidated in state court in Los Angeles, and plaintiffs in both cases have filed consolidated complaints.
 
The cases, which seek unspecified damages, alleged that the transactions involving News Corp.’s acquisition of a 34% interest in Hughes provided benefits to GM not available to all holders of the former class of GM Class H common stock, in violation of fiduciary duties. The Superior Court has dismissed all claims against directors without any connection to California for lack of personal jurisdiction and stayed the consolidated case pending a ruling on the motion to dismiss a similar complaint filed in Delaware Chancery Court. In March 2006, the Delaware Supreme Court affirmed the dismissal of the Delaware complaint.
 
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