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GM to Unveil Recall Compensation Plan in August
General Motors Co. expects to launch a program on August 1 to compensate families who have suffered injuries or fatalities caused by a defective ignition switch in 2.6 million of the company's cars.
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General Motors Co. expects to launch a program on August 1 to compensate families who have suffered injuries or fatalities caused by a defective ignition switch in 2.6 million of the company's cars.
In April GM hired disaster compensation expert Kenneth Feinberg to set up and administer the program. GM says he will determine eligibility criteria and the size of the compensation pool.
GM Chief Financial Officer Dan Ammann tells reporters the company is determined to "find everyone effected" and include them in the compensation program. The comment suggests the plan will encompass more than the 13 fatalities GM has linked to the faulty switch so far.
The initiative will not address the claims of owners of the recalled cars who are suing GM for lost economic value of their vehicles.
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