No Limit Set on GM Settlement Fund
In a press conference announcing General Motors ignition-switch settlement fund, GM attorney compensation expert Kenneth Feinberg announced that there will be no limit on what he can pay to ensure that victims are properly compensated.
“There Is No Ceiling”
“GM has basically said whatever it costs to pay any eligible claims under the protocol, they will pay it. There is no ceiling.” – Kenneth Feingberg as published by US News
During the announcement, Feinberg assured that He and he alone will decide how much each victim affected by accidents involving certain recalled General Motors vehicles will be paid – GM will have no say in the payment amounts.
While Feinberg would not comment on the ultimate cost GM may be facing, financial experts claim the fund could result in the automaker paying hundreds of millions of dollars in compensation, if not billions.
Feinberg stated that all those injured in auto accidents involving the recalled vehicles in which airbags did not deploy would be eligible for the settlement fund. This includes drivers, passengers, occupants of other vehicles, and even pedestrians who may have been struck after a recalled vehicle lost control.
When asked whether GM would cover accidents in which drivers were able to power their vehicles back on, resulting in airbag deployment, Feinberg stated that those cases would be looked at on an individual bases.
Filing a Claim with the GM Settlement Fund
- Victims wishing to file their claim with the compensation fund must submit their information between August 1 and December 31 of 2014.
- Feinberg stated that claimants can generally expect payment within 90 to 180 days of their filing being completed.
- Feinberg reminded victims that they are under no obligation to settle with GM and may choose to file their claims through court. This will, however, result in their exclusion from the compensation fund.
- Victims who have settled or received payment from GM prior to the establishment of the fund may submit an application seeking additional payment.
Thomas J. Henry Represents GM Recall Victims
Thomas J. Henry is representing more than 1,000 GM recall victims across the United States and has been investigating injuries and deaths linked to the recall since day one. The firm launched a nationwide media investigation into the recall in April, which brought forth thousands of affected individuals who had information critical to the investigation – information that the firm has handed over to federal agencies also investigating GM’s sluggish response the recall.
As more and more individuals have flocked to Thomas J. Henry for representation, the firm has continued to push GM for a victim settlement fund. The firm has had several talks with GM’s victim compensation expert Ken Feinberg regarding appropriate victim compensation for the thousands affected by a fatal design flaw in ignition switches which left numerous dead and countless others seriously injured.
AUTOMOBILE ACCIDENT RESULT
$1.8 MillionExpenses: $20,000.00 | Attorneys Fees: $765,000.00 | Net to Client: $1 Million
AUTOMOBILE ACCIDENT RESULTS
$2 MillionExpenses: $78,475.96 | Attorneys Fees: $850,087.96 | Net to Client: $1,071,436.00
AUTOMOBILE ACCIDENT RESULT
$2.3 MillionExpenses: $200,000.00 | Attorneys Fees: $900,000.00 | Net to Client: $1.2 Million