GM Releases Compensation Program Details
General Motors says it will pay victims of faulty ignition switches whatever is deemed appropriate by the man administering its GM Ignition Compensation Claims Resolution Facility.
Administer Kenneth Feinburg released details of the compensation program at a news conference Monday morning. A website to accept compensation claims will start receiving claims August 1, and the deadline is December 31, 2014.
According to the website, claims involving death, catastrophic injuries and injuries requiring hospital treatment within two days of the accident will be accepted. Those in a second vehicle involved in an accident blamed on a faulty ignition switch can also file a claim. Those who have already settled lawsuits, but did not know about the ignition switch problem can also apply for more compensation.
The company will pay out compensation between 90 and 180 days of the claim being deemed complete.
Officials at General Motors knew for more than a decade there was a problem with the ignition switches on some models before issuing a recall notice, and 13 people died in related crashes.