- General Motors to provide compensation
- Program runs from August 1, 2014 to December 31, 2014
Responding to the rash of ignition switch failures in many of its products, General Motors has announced a compensation program for affected individuals. Scheduled to begin on August 1, 2014, and wrap up by the end of the year, the program will provide compensation to those may have had an accident due to “an ignition switch failure in recently recalled vehicles.” Claimants must provide proof of eligibility, such as black-box data from the car or accident reports on file, in order to receive consideration.
GM has hired Kenneth Feinberg to oversee the claims process. Feinberg is a renowned expert in the field, having previously guided the federal government’s September 11th Victim Compensation Fund and BP’s oil-spill compensation fund, among many other such programs.
In an official press release, GM CEO Mary Barra said the company was “taking responsibility for what has happened by taking steps to treat these victims and their families with compassion, decency and fairness.” She also acknowledged “serious mistakes in the past” and vowed “to ensure they never happen again.”
According to internal estimates, the program will cover roughly 1.6 million recalled vehicles from model years 2003-2007 with an ignition switch defect and another 1 million vehicles recalled from model years 2008-2011 that may have been repaired with a recalled ignition switch.
More information on the GM ignition switch failure compensation program, including an FAQ page and downloadable claim forms, is available at www.gmignitioncompensation.com.
What it means to you: With individual payouts potentially amounting to millions of dollars, this program should constitute a meaningful step in the long, painful healing process.