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GM recall fund to come with limited claims window

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GM recall fund to come with limited claims window

After General Motors has been universally panned for the 2.6 million cars recalled for a defective part that were linked to at least 13 deaths, the company decided to establish a victims fund.

Now, the man in charge of setting it up – Kenneth Feinberg – known for his work on similar funds for the Sept. 11 terrorist attacks and the 2010 BP oil spill – has come up and said the application for claims from victims would be modest. The fund has been set up to compensate victims and families victims of accidents related to the ignition switch defect, that has been mishandled by the company for many years.

“This program can’t go on forever,” Feinberg told Bloomberg. “If we start by Aug. 1, we want to have a relatively modest timetable to invite claimants to file their claims. GM has delegated to me without any ambiguity here, full discretion to evaluate each individual claim, make a determination and pay those claims when eligible,” he added.

Feinberg added that the company would have the program in place by the end of the month, in order to have the basis for defining who gets to be eligible, what compensations would get and on what basis the claims get proven.

According to US National Highway Traffic Safety Administration figures, General Motors is on a safety spree this year, in the US alone being recalled so far close to 14 million cars.

Via Bloomberg

by Aurel Niculescu (my Google+) - Thursday, June 12th, 2014 - filed under General Motors, Industry, News. Image credit: .
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