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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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