GM Will Offer At Least $1 Million For Each Ignition Switch Death
Jun 30, 2014, 19:56 IST
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Ken Feinberg, the compensation expert hired by the automaker to determine payouts related to its massive recall, said GM has agreed that there will be no cap on claim amounts. He also said the criteria for deciding payouts will be broad, a signal there are likely to be additional disbursements beyond the 13 deaths GM has publicly linked to the bad switches.
The company also agreed to not invoke protection from liabilities involving incidents before it filed for bankruptcy, the Times reported. Barclay's Brian Johnson has estimated that GM could spend $3 billion, Bloomberg said. U.S. Senator Richard Blumenthal of Connecticut has urged the company to set aside as much as $8 billion. Click here to read the full story »