We felt that it might be a good to mention in this issue some facts that come from information revealed by GM recently. General Motors had safety recalls of 36 million vehicles worldwide last year, which is a huge number, and doesn’t speak well for any automaker. The following is a by-the-numbers look at the recall issues. Most all of this information came from GM’s second-quarter earnings release and its report to securities regulators:
• $625 million: This is the latest estimate of how much the company will spend to compensate victims of crashes caused by faulty small-car ignition switches. The old estimate was $400 million to $600 million.
• $280 million: This is the amount paid to ignition switch crash victims and families as of July 17, 2015.
• 124: This is the number of deaths compensation administrator Kenneth Feinberg has determined are eligible for compensation.
• 269: This is the number of injuries deemed eligible for compensation.
• 121: This is the number of lawsuits pending against GM in the U.S. and Canada claiming loss in values of cars due to last year’s recalls.
• 181: This is the number of U.S. and Canadian wrongful-death or injury lawsuits pending due to recalls.
• 50: This is the number of state attorneys general who are investigating the company over the ignition switch and other recalls. In addition, the U.S. Attorney’s Office, Congress, Securities and Exchange Commission, and Canadian safety regulators also are investigating the automaker.
• 66: This is the percentage of the 2.6 million older small cars recalled for faulty ignition switches that have been repaired as of Tuesday.
• 75: This is the percentage of 2014 recall repairs GM expects to finish by the end of 2015. Hopefully, the automaker will be able to meet this goal.
GM’s problems are far from over. But this overview gives us a picture of what has happened so far. I just hope the folks who run GM have learned a lesson about safety and honesty during this ordeal.
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.