GM Pays 130 Ignition Switch Accident Victims Ahead of Schedule
Posted by PKSD Law Firm on Feb 02, 2015 in Product Recalls
General Motors Co. (GM) has reportedly paid 130 victims of its faulty ignition switch recall disaster in advance of the compensation funds Jan. 31, 2015 deadline.
According to Bloomberg News, Kenneth Feinberg, the attorney in charge of the victims compensation fund, has confirmed 51 deaths to date out of a total 4,180 claims. Feinberg says that hundreds of claims were still being filed only weeks ago. He notes that GM CEO Mary Barra has not attempted to intervene with his process, or place a monetary value on any claim herself.
While the automaker has set aside $600 million to cover the cost of claims, Feinberg says he has no idea whether that number will be enough according to his assessments because he has no part in tallying the total amount himself.
In Bloombergs report, the proof required for each claim includes proximate evidence that the accident or injury was caused by the defective switch. This may include documents such as police report forms, information from an insurance investigation, photographs and more.
According to Feinberg, no claimants have rejected the offers extended through the compensation fund. He says that, to date, 400 claims were denied. Furthermore, in excess of one third of all claimants reportedly filed a claim with no documentation, and Feinberg is in the process of working with hundreds of claimants to acquire the documents they need to be compensated.
Feinberg stresses that they are still counting the claims as they rolled in within the few weeks before the deadline. No extensions will be granted, though Feinberg says it may be an additional six months before each claim is processed.
Feinberg mentioned in an interview with CNBCs Phil Lebeau that he anticipated payments could be processed as quickly as 60-120 days after a claim is deemed eligible.
Have you or a loved one been the victim of a defective vehicle or automobile part? You could be entitled to compensation because of the pain, suffering, and injuries you sustained.
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