Wednesday, September 3, 2014
GM Compensation Fund Set Up for Accident Victims
In light of GMC’s ignition switch recall, General Motors have placed a compensation fund aside for those who can show they have suffered serious physical injuries or have lost loved ones from accidents involving the recalled GMC vehicles with faulty ignition switches. Approximately 1.6 million 2003-2007 recalled vehicles which were manufactured with the ignition switch defect, along with about 1 million 2008-2011 vehicles which were possibly repaired with a recalled ignition switch. Compensation checks will range anywhere from $20,000 to several million, with $1 million being automatically awarded for pain and suffering above other payments for accidents involving deaths.
Independently administered by Kenneth Feinberg, who also administered the September 11 Victim Compensation Fund, this voluntary program compensates those individuals if they agree to give up the right to sue General Motors. Although there is no cap on this victim compensation fund, GM expects to pay out anywhere from $400-$600 million. Careful decisioning of approved claim disbursement will be made by Feinberg, not General Motors, and can take 90-180 days, depending on the complexity of the case. Prior to the August 1st program launch, Feinberg outlined a compensation structure that is based on three tiers: 1) for death; 2) for catastrophic injuries, such as permanent brain damage and paralysis; and 3) for less serious injuries.
Claim submissions can be completed online or by mail, and must be submitted by December 31, 2014. A toll-free number has been designated for the GM victim compensation program: 1-855-382-6463 (U.S. and Canada) and the claim forms and submission information can be found at www.gmignitioncompensation.com.
If you have had any issue with your GM vehicle, contact Davis Consumer Law Firm at 855-432-8475 for free lemon law help. You may be entitled to financial compensation or a free replacement vehicle. Visit www.usalemonlawyer.com to request a free case evaluation.