The GM compensation fund, which was up set up to pay for deaths and injuries caused by its vehicles with faulty ignitions, is now accepting claims. As we have previously reported, the five-month filing period that began on Aug. 8, 2014, is being administered by Ken Feinberg. Drivers, passengers and pedestrians killed or hurt by one of the defective GM vehicles can file a claim through Dec. 31.
GM said it had absorbed a $400 million charge to cover the potential payments to be made by the fund. The amounts paid out could run even higher because the fund has no cap. The automaker has advised investors that it might have to set aside an additional $200 million to compensate the victims of its wrongdoing. About 309 claims had been filed with the Fund as of Aug. 22, including 107 death claims. Camille Biros, a lawyer in Mr. Feinberg’s law firm, who is experienced in this sort of work, is working with Mr. Feinberg on the GM project. The fund covers a range of defective GM vehicles, including the Chevrolet Cobalt and Saturn Ion. But he should be noted that lots of cars with the identical defective switch are not included in the fund. In my opinion, GM made a mistake in restricting the fund.
Source: Claims Journal
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.