GM Compensation Fund No Longer Accepting Claims
Posted on behalf of Arnold Law Firm on Feb 09, 2015 in Auto Accidents
In 2014, more than 60 million vehicles were recalled in the United States. General Motors (GM), one of the worlds largest auto companies, recalled more than 30 million vehicles in the U.S.
Many of these recalls were driven by deficiencies in the company's ignition switches that caused serious injuries.
In response to these massive recalls, GM found itself involved in lawsuits, congressional hearings and at the center of public relations nightmare. One of the company's first steps was to set up a victim compensation fund so that those injured by the defective ignition switches could submit claims directly to the company rather than sue.
Kenneth Feinberg, the administrator of the fund, announced in the news report that 130 victims have had their entire claims processed and have been compensated for their injuries. He stated that the rest of the claims would continue to be processed.
In terms of a timeline, Feinberg suggested that the claims would probably be reviewed throughout the spring and into the early summer months. GM set aside $600 million in the fund for victims. As Feinberg has noted before, he independently assesses claims and makes offers.
Bloomberg News reports that the GM victim compensation fund ceased to accept injury claims on Jan. 31, 2015, the deadline that had been announced in August 2014.
In the weeks leading up to the deadline, the fund received hundreds of claims. In all, GM received more than 4,000 claims citing injuries caused by defective ignition switches in recalled GM vehicles.
Nearly a quarter of the 4,000 claims were submitted by the families and the estates of individuals who had died in GM vehicles.
GM executives do not have any input into the claims process, and have suggested that if the fund runs out of money, the company would be willing to add more money.
Arnold Law Firm: Experienced GM Ignition Switch Attorneys
The reputable Sacramento defective product attorneys at Arnold Law Firm have extensive experience guiding injured Sacramento car accident victims through the personal injury process.
Though the deadline for filing a claim with the compensation fund has passed, injured persons may pursue financial compensation for their injuries through a personal injury case.
Taking on companies as large as GM is an expensive and complicated undertaking. If you have been injured in a recalled GM vehicle, contact the skilled litigators at our firm.