NEW YORK -- Normal Motors has reached a $120 million settlement with house owners who claimed that their automobiles misplaced worth due to faulty ignition switches, which have been linked to 124 deaths.

The preliminary settlement was filed on Friday night time with the federal courtroom in Manhattan and requires approval by U.S. District Decide Jesse Furman. It could resolve the final main piece of litigation stemming from ignition switches that might trigger GM automobiles to stall and forestall airbags from deploying.

The automaker denied legal responsibility in agreeing to settle, courtroom papers present.

GM has recalled greater than 2.6 million automobiles since 2014 over the switches, protecting automobiles courting again greater than a decade earlier. It has additionally paid greater than $2.6 billion in penalties and settlements, together with $900 million to settle a U.S. Division of Justice felony case.

Friday's settlement resolves claims by house owners who mentioned they suffered financial losses from shopping for automobiles they thought had been defect-free,...