General Motors Co.’s board of directors has retained an outside law firm to provide it with an “independent assessment” of some of the Detroit automaker’s business procedures.
A person familiar with the matter said Wednesday that GM’s board hired New York-based Wachtell, Lipton, Rosen & Katz to provide it with advice and an independent assessment of business practices. The move comes in the face of questions about the Detroit automaker’s handling of complaints leading to the recall of 2.59 million older cars for ignition switch defects that GM has said are linked to 13 deaths.
The person said retaining the firm was a good corporate governance practice and was aimed at ensuring the board provides the company’s senior leadership with good advice and counsel.
GM faces a series of probes and has retained Anton Valukas, a former U.S. attorney from Chicago, to conduct an independent look at what went wrong in GM’s handling of the ignition switch problem. The Justice Department, two congressional committees and the National Highway Traffic Safety Administration also are investigating.
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