GM Ignition Switch Fund Completes Review

The independent fund General Motors Co. set up last year to compensate victims of its defective ignitions switches has completed its review of all 4,343 applications received.

The panel, headed by compensation expert Ken Feinberg, rejected 3,944 claims and deemed 399 eligible for payment.

The fund has offered at least $1 million each to the families of 124 people killed when the ignition switch in their vehicles was jarred out of the "run" position. GM knew of the defect which could cut off the engine, power steering, power brakes and airbags for 10 years before recalling 2.6 million affected vehicles in early 2014.

The compensation fund also made 17 offers to those who suffered major injuries and 258 who sustained lesser wounds that required hospitalization. GM, which originally estimated the defect was responsible for 13 fatalities, set aside $625 million for the program.

The fund says 325 of its offers have been accepted, eight were rejected and the others are still being considered. Victims who accept GM's offer are barred from suing the company.