/ General Motors, Industry, News / GM to announce on Monday the details about its victims fund

GM to announce on Monday the details about its victims fund

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GM to announce on Monday the details about its victims fund

After its 2.6 million cars recall over the defective ignition switch became a clear case of mishandling and because the models were linked so far to at least 54 crashes and 13 fatalities, GM decided to set up a victims compensation fund.

Public outcry and the numerous federal probes, not to mention the onslaught of litigations has swiftly convinced General Motors it can’t hide its corporate responsibility, so they went on and hired known lawyer – Kenneth Feinberg – which has a massive experience managing such funds, being implicated in the compensation programs for the September 11 terrorist attacks and the 2010 BP oil spill.

The automaker now has revealed that on Monday Feinberg will announce the details and especially the eligibility criteria for the victims and family of victims compensation program stemming from accidents or deaths associated to the 2.6 million cars recall.

A spokeswoman for the lawyer said that among the revealed details would also be the scope and rules of the program, and also the time frame that would be open to submitting claims, with Feinberg making the announcement during a speech at the National Press Club in Washington.

GM’s CEO Mary Barra recently announced that Feinberg would be granted “full authority” on the program and its final goal is to compensate “every single person who suffered a physical injury or lost a loved one” because of the defective part.

Via Reuters

by Aurel Niculescu (my Google+) - Friday, June 27th, 2014 - filed under General Motors, Industry, News. Image credit: .
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