General Motors (GM) has set up a new compensation program for people who suffered losses due to defective ignition switches in older GM models.

The new GM compensation plan will be overseen by Kenneth Feinberg and will provide financial payments to the drivers and passengers in GM vehicles — or the occupants of other cars — who can prove they were hurt in an accident linked to the defective ignition switches, the Wall Street Journal notes.

Under the GM compensation plan:

• Claimants must show that the GM vehicle’s airbag did NOT deploy.
• Previous out-of-court death settlements can be refiled with the possibility that additional compensation will be paid.
• GM is aware of 3,500 potential as-yet-unvetted death and injury claims linked to the defect.
• There is no cap on the amount of money GM will pay to compensate victims.
• GM will compensate victims involved in accidents prior to its June 2009 bankruptcy.
• Compensation will be paid for accidents involving the 10 GM models that featured the faulty ignition switches.

In Monday midday trading, GM shares rose modestly.

More GM Recall News:

• GM Chevrolet Camaro Recall: Knee Bump Could Cause Power Loss
• CEO Fires 15 Over GM Ignition Switch Recall Mess
• General Motors: Don’t Trade GM Stock on GM Recall Headlines
• 13.8 Million Cars (And Counting) – A Look at All 29 GM Recalls
• GM Recalls 2014: Complete List of Models Affected