GM Compensation Fund Makes Offers to 15 Applicants
General Motors is getting ready to pay millions to the families of victims from its ignition switch recall.
The independent victims’ compensation fund set up by the American automaker has made offers to the first 15 approved claimants, which are a mix of fatal and injury claims. The GM compensation fund will pay at least $1 million for each death claim as well as $300,000 payments to surviving spouses and children for pain in suffering. The fund will also calculate the economic value of the life lost and there’s no cap on overall payments.
SEE ALSO: GM Ignition Switch Death Toll Climbs to 21
Earlier this week, the fund announced that it had approved 21 death claims, four claims for serious injuries and 12 claims for less serious injuries. Through Friday of last week, the fund had received a total of 675 claims for deaths and injuries, including 143 requests for death compensation.
According to the report, if the victims or their families accept the offers, they will receive a formal letter and release of future claims. Once that is signed, they will receive a check in two or three weeks. Lawyer Ken Feinberg also noted that there is no time table for the victims or families to accept or reject the offers.
[Source: The Detroit News]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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