GM Compensation Fund: New Payment Details Emerge

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June 30 (Bloomberg) -- Kenneth Feinberg, who’s creating a fund to compensate victims of GM’s faulty ignition switch, is expected to offer payments for all drivers, passengers and bystanders killed or hurt in collisions related to the defect, according to a lawyer who said he’s spoken to him. Bloomberg’s Yang Yang reports on “In The Loop.” (Source: Bloomberg)

To emerge.

That is right.

A big announcement.

According to a gm lawyer interviewed by bloomberg news, ken feinberg's compensation plan is expected to offer for all drivers and passengers killed or hurt in one of 2.6 million recalled callers -- cars in an uncapped fund.

Money is expected to be offered even if the driver was treating and even if gm thinks it could otherwise fight the claim in bankruptcy court.

Good news for victims.

We will find out for sure at 10:00 a.m. one feinberg unveils the plan in d.c. and answers questions of how much victims will get and how much more will the mistake cost the company.

Gm already asserted faulty ignition switches to 57 crashes, 13 deaths, $680 million in related repairs and rentals for customers.

It agreed last month to pay a record $35 million fine and a probe into how the company handle the recall.

This is just the latest piece of the puzzle for gm.

The cost is put at $3 billion for how much we will eventually have two pay up.

What about more than 100 losses against the company?

The idea is to settle all of those.

Today's announcement, a voluntary plan, and they will have to give up their right to gm to reject the deal that reaches too few victims or makes inadequate settlement offers and those victims can pursue those claims.

Feinberg has become quite the expert at putting the price on tragedy and is known for persuading people to settle rather than sue.

Only 94 people out of 3000 eventually went to court in the 9/11 case.

The victims should feel good that can feinberg is behind all this?

He is getting paid quite a lot for this.

Gm has not disclosed the amount but they paid him $1.3 million per month that can today for handling the oil spill fund.

Feinberg has been given complete independence on this one and they want to reach everyone who suffered.

Part of this is determining just who is the victim.

Who exactly is the victim?

The case has gone on for quite some time and that is the question may need to answer today.

Thank you appeared earlier this month, i spoke to ken feinberg about the claims process.

Gm, i must say, has delegated to me without any ambiguity here.

Full discretion to evaluate each individual claim, make a determination, and pay the claims eligible.

The program should kick in as gm has demanded around august 1. i want to bring in my guest host this hour, the former chairman and ceo of crisler and home depot, now the founder and chairman of accelerate.

Good to see you this morning.

Should victims feel good can

This text has been automatically generated. It may not be 100% accurate.


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