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GM Recall News: General Motors Reveals Compensation Plan

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

General Motors NYSE:GMThe 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:

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