General Motors Recall Settlement Fund?

Multiple news outlets are reporting that General Motors is exploring a possible GM Recall Settlement fund. In certain ways this would wave many of the defenses of the GM recall litigation. General Motors has retained Kenneth Feinberg to assist in developing a compensation program. When speaking to CNBC Mr. Feinberg stated: "(General Motors) asking me to help develop some sort of program that might be used to compensate eligible claimants." Feinberg didn't speculate on who would be eligible for this possible General Motors settlement fund. Nor would he speculate on any method that could possible be used to calculate damages or potential compensation. There has been some speculation that General Motors will be asked to compensate General Motors customers for diminished value of the vehicles. General Motors has declined comment on the possible GM Settlement Fund.

Brent Coon and Associates has previously worked with Kenneth Feinberg during the BP Oil Spill/Deepwater Horizon settlement. Due to Brent Coon's expertise and knowledge of BP, he was chosen by the Plaintiffs’ Steering Committee to chair several key discovery committees on behalf of the plaintiff class in the lawsuits against BP following the 2010 Deepwater Horizon oil rig explosion and the ensuing oil spill in the Gulf of Mexico. The attorneys of BCA received national recognition for its work. This includes the Steven J. Sharp Public Service Award; the American Association of Justice’s highest honor, the Clarence Darrow Award; and the USMFW Humanitarian Award, Texas Super Lawyers 2007, Texas’ Rising Star 2008 and 2010.

Who would be eligible for a General Motors Recall Settlement Fund?

There are many questions about who would be eligible for compensation under a proposed General Motors Recall Settlement. It's been reported that General Motors has already set aside $1.6 billion dollars dedicated the General Motors Ignition recall. Brian Johnson, a Barclays analyst estimated that General Motors would need $1 billion to $1.5 billion for a settlement fund. U.S. Senator Richard Blumenthal sent a letter General Motors CEO Mary Barra urging her to set up a fund to help victims of the General Motors Recall. But questions about a possible General Motors Recall Settlement Fund include:

  • Will a GM Settlement Fund Pay Customers that Lost Value on their Cars?
  • How will the opt-out process of a General Motors Settlement Fund Work?
  • Will a General Motors Settlement Fund assist in insurance spikes due to accidents caused the ignition defect?
  • How to General Motors Bankruptcy effect a possible GM Recall Settlement Fund?
  • What about investors that lost money due to the General Motors Recall?

File a General Motors Lawsuit

The law firm of Brent Coon and Associates has extensive experience in mass recall lawsuits nationwide. Each General Motors Recall lawsuit is unique and our General Motors Recall lawyers will help walk you through the steps to make sure you get a maximum recovery. We have represented numerous victims of negligence, as well as the families of those victims. We will fight for you rights including taking the General Motors lawsuit to trial if needed. BCA prides in self on being a public policy firm. In addition to getting you a recovery, we will work tirelessly to make sure this tragedy never happens again.

 

 

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