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General Motors denies $3 billion Spyker suit

General Motors has reportedly dismissed the allegations presented by former Saab brand parent company Spyker after the struggling Swedish automaker filed a $3 billion dollar suit against GM for making moves to intentionally bankrupt the Saab brand when the American automaker refused to approve the sale of the Saab brand to Chinese investors.

General Motors previously stated that the $3 billion lawsuit had no merit but in a recent filing with the U.S. District Court for the Eastern District of Michigan, GM claimed that as the former owner of the Saab brand, they had the right to make the decisions that they did regardless of the impact on Saab and Spyker. General Motors refused to approve the sale of the Saab brand to Chinese investment firm Zhejiang Youngman Lotus, stating that if the deal went through without their approval – the American automaker would stop providing technology along with ceasing production of Saab vehicles built at GM plants.

Spyker’s massive lawsuit against General Motors which includes $3 billion in compensatory damages alone in addition to seeking interest, punitive damages and legal fees as part of the suit. Considering that Spyker is as broke as a joke, the company cannot afford to proceed with a lawsuit of this type but an anonymous third party has agreed to fund the legal proceedings in exchange for a portion of the settlement. Youngman Lotus has refused to comment on whether or not they are the “third party” footing the bill for this ridiculous lawsuit but considering that Youngman is still planning to work with the Spyker brand – it would make sense for the Chinese firm to want to help Spyker skim a cool three billion out of the American automaker’s bank account. Chinese firm Pang Da, who was another company interested in investing in Saab and Spyker has publicly stated that they are not funding the lawsuit.

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Comments

Stating that Saab relied "heavily" on GM technology (re-badging technology?) is completely misleading. The fact that GM didn't want to share Saab-developed tech with anybody else has been widely publicized and was one of the main reasons that Saab was costing them so much money. GM kept insisting that Saab just re-badge and re-brand GM cars, Saab refused and also kept refusing to incorporate what they deemed to be inferior GM technology into their own cars. Very slanted story here.
a story very much in favor of GM, no mention that some of the patents GM were withholding were actually Saab intellectual property from before GM purchased the company in 2000, or that after the the assets where assessed at 360 Million euros GM's claim for 220 million took priority. Saab never stood a chance. i for one am glad i drive an individual 9-3 and not a glorified vauxhall vectra!!

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