05:25 AM EDT, 05/17/2024 (MT Newswires) -- General Motors ( GM ) and LG Electronics agreed to set up a $150 million fund as part of a settlement with owners of Chevrolet Bolt electric vehicles affected by defective batteries, Reuters reported Friday, citing court documents filed a day earlier.

GM began recalling the Bolt in 2020 after complaints that the Korean-made LG batteries would spark fires, the report said.

According to the documents filed in a Michigan district court, Bolt owners who installed a final software remedy before Dec. 31, 2023, can receive payouts of up to $1,400 while owners who sold their vehicle before the remedy became available and those who received a battery replacement can receive at least $700 payment, Reuters reported.

GM did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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