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GM Stock Slides on Federal Appeals Court Ruling

NEW YORK (TheStreet) -- Shares of General Motors (GM) are slumping 0.55% to $30.43 in mid-afternoon trading on Wednesday after a federal appeals court decided that the automaker must defend hundreds of lawsuits tied to ignition switch defects.

The court determined that the lawsuits were not automatically barred under GM's 2009 bankruptcy sale, Bloomberg reports.

"New GM essentially asks that we reward debtors who conceal claims against potential creditors. We decline to do so," the...