I believe the laws differ by country. In the above circumstance where I am based (Australia) the person who signed off after reviewing the suspension design would inherit the liability. And may get taken to court where you would need to demonstrate you followed best practices may be ask to supply calculations etc.
For example my company we are required legally to keep things like calculations and technical drawings on file in archives for things like above hypothetical.
No, it's not. Civil engineering is; the rest of them, not so much. The vast majority of engineers in the US fall under the "industrial exemption", whether they work for Microsoft, Google, Ford, GM, Boeing, or General Dynamics, or countless other companies large and small. Almost none of them have a Professional Engineer license.
It's weird how, every time this kind of discussion comes up, civil engineers keep trying to tell all the people who design fighter jets and cars that they're not "real engineers" because they don't have a license.
This is unlike programming, where "self-taught" or "dropped out of college" is sufficient.
If a car has a poorly-engineered suspension and a wheel breaks off and someone gets killed, does the engineer at Ford who designed it get sued personally? Absolutely not. Did any engineers at Ford who designed the Pinto suffer personally for their design? Of course not.