CHICAGO (PR Newswire) – The following statement was issued by Krislov & Associates, Ltd.:

On December 15, 2000, purchasers of late model Oldsmobiles filed suit against GM on behalf of all purchasers and lessees of 1996 and later Oldsmobiles (other than GM and its affiliates and employees) seeking compensation for the reduction in value caused by GM’s announcement on December 12th that it will phase out its Oldsmobile marketing division and brand over the next several years. The consumers claim that they bought vehicles that will now be worth substantially less than they would have been had GM not decided to stop producing the brand.

"Incredibly, GM is ignoring those people who have been loyal Oldsmobile customers," the Plaintiff’s attorney, Clint Krislov, said. Krislov added, "We believe these loyal Oldsmobile customers should be compensated for having purchased cars that GM knew were soon going to be obsolete. Indeed, we think GM will want to ensure that Oldsmobile customers have a satisfying purchase experience and to maintain goodwill among owners of other GM vehicles, who may fear their brands may be next to be dropped." The relief sought by the Plaintiffs could come in the form of extended warranties, an increase in trade-in for the next few years, rebates or other relief, Krislov said.

As alleged in the Complaint, GM failed to tell purchasers of late model Oldsmobiles that it planned to stop producing the brand. Had these consumers known that Oldsmobile would soon be obsolete, the Plaintiffs claim they would not have purchased their vehicles or would have been able to negotiate a better deal.

The Plaintiffs are represented by Krislov & Associates, Ltd., a law firm with extensive experience prosecuting class actions and significant expertise in actions involving consumer fraud. If you are a member of the Class described above, or if you wish to discuss this action or have any questions concerning your rights or interests, please contact:

Clinton A. Krislov
Robert J. Stein
William M. Sweetnam
KRISLOV & ASSOCIATES, LTD.
20 North Wacker Drive, Suite 1350
Chicago, Illinois 60606
Tel.: (312) 606-0500
Fax: (312) 606-0207
E-Mail: Clint@krislovlaw.com