GM Announces Compensation Fund

Ken Feinberg has announced the details of the General Motors victim compensation fund on June 30th. There will be no caps on the amount of compensation for injury victims of General Motors ignition switch accidents. Feinberg said in a press statement that he plans to begin accepting applications Aug 1st and the program will accept claims until the end of the year. Anyone who opt into the settlement and take compensation does waive their rights to sue General Motors later on. There are only 3 types of claims that will qualify for this fund: Deaths, catastrophic injuries and less-serious injuries. The compensation will be based on a formula which takes the victim's age and income into consideration. The GM Settlement Fund is not offering compensation for diminished value of the GM cars that were recalled.

Ken Feinberg stated during the press conference that he expects around 90% of the victims to participate in the GM Settlement fund. General Motors said in a statement released: "We are pleased that Mr. Feinberg has completed the next step with our ignition switch compensation program to help victims and their families. We are taking responsibility for what has happened by treating them with compassion, decency and fairness." General Motors also stated that victims can apply for the settlement fund regardless of where they were sitting when the car crashed. There will required paper to do obtained prior to submitting a claim. It's been speculated that cases with a large number of paperwork would help support a greater claim in terms of compensation. This program is similar to the 9/11 compensation program which Mr Feinberg also created. USA Today published 3 examples of the compensation module for the GM Ignition Switch injuries.

  • 17-year-old student, no wages, no dependents: $2.2 million.
  • 25-year-old earning $46,000 a year, married, two children: $4 million.
  • 40-year-old, earning $75,000 a year, married, no children: $5.1 million.

Victims who have previous settled with General Motors regarding the ignition switch recall can file in this GM Settlement Fund.

Click here to download the GM Settlement Fund Press Release
Click here to download the GM Victim Compensation Fund Protocol
Click here to download the General Motors Compensation Fund FAQ's

General Motors Compensation Fund Lawsuits

General Motors also stated during the announcement of the GM Compensation Fund that if the airbags deployed during the accident you are not eligible to file a claim. Again, accepting any settlement under the terms of the compensation fund waives the right to file a General Motors lawsuit. Before filing a claim via the General Motors Victim Compensation Fund you want to speak with a General Motors Recall lawyer to review all your claim options. Complete the form to the right and an GM Recall lawyer will review your claim information and contact you within 24 hours.

 

Complete the General Motors Recall Free Case Evaluation to Have your Case Reviewed by Brent Coon and Associates.

Or contact us via our General Motors
Recall Lawsuit Hotline at:

855-435-5839


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