May 16 (Reuters) - General Motors ( GM ) and South

Korean battery firm LG Energy Solution reached a

settlement to establish a $150 million fund to provide monetary

relief to Chevrolet Bolt EV owners who were affected by

defective batteries, documents filed in a U.S. court on Thursday

showed.

GM launched the Chevrolet Bolt EV in 2015, using batteries

made by LG as part of a strategic partnership between the two

companies.

GM started issuing recalls in 2020 after it faced numerous

complaints regarding fires in certain vehicles.

Owners of the recalled Bolt EVs who installed the final

software remedy at a GM-authorized dealership before Dec. 31,

2023 may receive up to $1,400 in the form of a Visa eReward

card, according to documents filed with Michigan eastern

district court.

Owners who sold or terminated the lease of their vehicle

before the software remedy became available will receive a

minimum $700 payment, according to the filing.

LG and GM did not respond to Reuters request seeking

additional comments.

Last year, GM ended production of the Bolt EV to make room

for new electric vehicles.

In 2021, the company had announced a billion dollar recall

campaign to cover thousands of Bolts over battery fire risks.

The recall prompted GM to halt Bolt production and sales for

more than six months at that time.