by Gregory Wallace
NEW YORK (CNNMoney – June 30, 2014) — General Motors announced recalls of more than 8.4 million vehicles worldwide, most of those for faulty ignition switches.
The sum of vehicles recalled Monday amount to the company’s largest single day of recalls this year. In addition to the ignition switch recalls, the automaker is recalling vehicles for faulty wiring and fasteners.
It expanded by $500 million to $1.2 billion the charge it will take for costs related to the recalls this quarter.
The company has come under scrutiny and criticism for a decade-long delay in publicly revealing an ignition switch flaw. The company retained attorney Ken Feinberg to develop a victim compensation plan, which he outlined earlier Monday.
Trading in GM stock was halted prior to the announcement.
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