GM Compensation Fund Receives Nearly 100 Claim Submissions Thus Far
Last Friday was the first day claims linked to accidents and fatalities related to the ignition switch that kicked-off the 2014 General Motors recall parade could be submitted to the compensation fund set up by GM and Kenneth Feinberg. Thus far, 93 such claims have been submitted.
The Detroit News reports around 50 of those claims were submitted on the first day. Deputy administrator Camille S. Biros said most of the claims lacked supporting documents, though she expects the lawyers to submit them soon enough. The majority of the claims were submitted electronically en masse by attorneys representing clients who may have been affected in some way as a result of the defective ignition switch.
Upon being found “substantially complete,” the claims will be decided within 90 to 180 days, depending on complexity (or lack there of) of each claim. GM set aside $400 million for the payouts, though the total payout could be as high as $600 million, with Feinberg repeatedly stressing that there will be no cap on total claims.
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