The compensation plan for General Motors (GM) allots at least $1 million for each family of those killed in incidents involving GM cars with a defective ignition switch, the International Business Times reported on June 30.
In a press conference, compensation expert for GM Kenneth Feinberg outlined the company’s plan to pay the families who can properly document their ignition switch claims. The company said it will pay $1 million for each death and an additional $300,000 for each spouse and dependent. The company also plans to include in the payout the earning potential of the deceased.
GM does not plan to enforce its bankruptcy shield, which means it will also assess claims of product liability that happened before the company recovered from bankruptcy in 2009. However, incidents in which airbags were deployed will most likely be denied.
Submission of claims will be accepted from August 1 to December 31.
If you have suffered unduly because of a defective product in Chicago, a lawyer at the Disparti Law Group, might be able to help you pursue financial compensation to recover from your losses. Call us at 888-861-7757 to learn more about the possibility of filing a lawsuit.