General Motors Bailout Act of 2022
Bill: H.R.7016 | Sponsor: Rep. Carter, Troy (D-LA)
Policy area: Law

Summary:
General Motors Bailout Act of 2022
This bill allows the plaintiffs of a 2015 lawsuit against the federal government relating to the 2009 General Motors bankruptcy to collect compensation from the government. The government must make lump-sum payments in specified amounts. (The lawsuit centered on the inability of the plaintiffs to seek relief from General Motors after the bankruptcy for injuries or deaths that occurred from defective vehicles before the bankruptcy.)

To waive the statute of limitations for cases against the government 
related to the General Motors bailout that were filed on or before July 
                    9, 2015, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``General Motors Bailout Act of 
2022''.

SEC. 2. SETTLEMENT OF ACCIDENT VICTIM LITIGATION RELATED TO THE GENERAL 
              MOTORS BAILOUT; WAIVER OF STATUTE OF LIMITATIONS.

    (a) Any eligible civil action arising from the filing of an 
eligible complaint alleging a violation of the takings clause of 
amendment V to the United States Constitution is not subject to any 
statute of limitations.
    (b) The United States shall pay just compensation to an eligible 
claimant, consistent with amendment V to the Constitution of the United 
States, to resolve an eligible claim. Just compensation payments to 
eligible claimants shall be made pursuant to section 1304 of title 31, 
United States Code.
    (c) If a settlement agreement has not been submitted to the court 
presiding over an eligible complaint within 30 days after the date of 
enactment of this Act, the Attorney General shall submit a report to 
Congress describing the reasons why a settlement agreement was not 
reached with counsel of record to an eligible complaint.

SEC. 3. DEFINITIONS.

    For purposes of this Act, the following definitions shall apply:
            (1) The term ``eligible claim'' means a claim asserted in 
        an eligible complaint on behalf of all eligible claimants.
            (2) The term ``eligible claimant'' means a plaintiff, class 
        member, or putative class member in respect of the eligible 
        complaint who holds an eligible claim and who filed a proof of 
        claim in the bankruptcy case captioned In re Motors Liquidation 
        Company, et al., No. 09-50026 (Bankr. S.D.N.Y), based on death 
        or personal injuries that were caused by or attributable to 
        alleged defects in motor vehicles designed for operation on 
        public roadways, or by the component parts of such motor 
        vehicles, and in each case, manufactured, sold, or delivered by 
        General Motors Corporation or any of its subsidiaries on or 
        before June 1, 2009.
            (3) The term ``eligible complaint'' means the complaint 
        filed with the United States Court of Federal Claims by or on 
        behalf of eligible claimants on July 9, 2015, captioned 
        Campbell, et al., v. United States, No. 15-717, alleging 
        violation by the United States of amendment V to the 
        Constitution in connection with the acquisition on July 10, 
        2009, by NGMCO, Inc., a United States Treasury-sponsored 
        entity, of substantially all the assets of General Motors 
        Corporation.
            (4) The term ``just compensation'' means payment of a lump-
        sum amount equal to the sum of--
                    (A) 2.5 times the ``allowed amount'' listed on the 
                final claims register filed on June 3, 2021, in the In 
                re Motors Liquidation Company bankruptcy case in 
                respect of a proof of claim filed by or on behalf of an 
                eligible claimant, plus
                    (B) interest thereon, plus
                    (C) reasonable court-approved fees and costs to 
                counsel of record on the eligible complaint, all 
                without offset of any kind.
        Interest shall accrue on all eligible claims from July 10, 
        2009, to the effective date of settlement at a rate of three 
        and one-half percent (3.5 percent) per annum, compounded 
        quarterly.
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