Justice Department finds criminal wrongdoing in GM ignition switch defect: NYT

U.S. Justice Department investigators have identified criminal wrongdoing in General Motors Co's (GM.N) failure to disclose a defective ignition switch, and they are negotiating what is expected to be a record penalty, the New York Times reported on Friday.

Citing people briefed on the inquiry, the Times said a settlement could be reached as soon as this summer. The final number is still being negotiated, but it is expected to exceed the $1.2 billion paid last year by Toyota for concealing unintended acceleration problems, according to the newspaper.

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ignition switch, Toyota

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