Report: GM Compensation Fund Weeks Away

Kenneth Feinberg has stated in a recent email that a General Motors Compensation Fund is only a few weeks away from being announced. This announcement of a General Motors Settlement Fund could come on the heels of U.S. Attorney Anton Valukas's independent investigation on General Motor's recall of vehicles with faulty ignition switches. These faulty ignition switches have been tied to at least 13 reported deaths. And while General Motors originally said there were only 31 accidents linked to the ignition switch recall, they have already increased that estimate to at least 47. Various news reports and studies have already predicted that the number of General Motors Recall accidents and deaths are far, far higher than General Motors is reporting to the public. Ken Feinberg stated in his email " will not be announcing any compensation plan this week. My work continues. I am still a few weeks away. GM may be making some type of announcement but it will not include any details about a compensation plan."

Ken Feinberg is very well known for creating other victim compensation funds for the 9/11 attacks, Boston Marathon Bombings, as well as the BP Oil Spill Compensation fund. Plaintiff's attorney Brent Coon has previously worked with Kenneth Feinberg during the BP Oil Spill/Deepwater Horizon settlement.

One of the key issues in the General Motors Compensation Fund will be how they address consumers who have experienced diminished values. Unconfirmed reports indicate that many General Motors dealers are leery of trading in GM cars and trucks with faulty ignition recall histories. The Justice Department is still investigating if General Motors committed fraud by "failing to disclose" these ignition defects. There is a wide range of estimates on how much money will be allotted to a General Motors Settlement Fund. Some advocacy groups have asked that at least a billion dollars be set aside for a possible GM Recall Settlement Fund. Auto Industry insiders have projected that a GM Settlement fund to grow as high as 8 Billion dollars. Despite the looming GM Settlement Fund, General Motors has reported record sales in the month of May. General Motors has stated they are not trying to avoid paying out settlements to crash victims, but they are opposed to funding victims of diminished values of recalled cars and trucks. General Motors CEO Barra said in front of Congress "We do understand we have civic responsibilities as well as legal responsibilities." There are various industry and legal opinions on whether General Motors will indeed include Diminished Value claims in this new General Motors Settlement Fund. Mr. Feinberg has already reported met with the families of victims who's live's were taken due the General Motors ignition defects. However General Motors own lawyer Arthur Steinberg admitted that Ken Feinberg was looking into diminished value claims as part of any proposed General Motors Recall Compensation Fund. He also stated that Feinberg was looking at including diminished value claims as part of a GM Settlement Fund due to General Motor's request.

Filing a GM Settlement Fund Claim

While there is currently no GM Settlement Fund, contacting a General Motors Settlement Fund Lawyer sooner, rather than later may be in your best interest. Our General Motors Settlement lawyers are constantly monitoring the latest break developments in this fast moving litigation. We will advise you on the latest developments regard the formation of a GM Settlement Fund. To have an GM Recall Attorney review the specifics of your claim, please complete the form to the right and a legal representative will contact you as soon as possible. We have extensive experience navigating through the complexities of a mass settlement fund and advise you on your best course of action during this GM Compensation Fund. We will work exhaustively to make sure all of your legal rights are represented and you receive the maximum monetary compensation that you are entitled to.

 

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