GM 'Word of Mouth' Claims Not Good Enough: Feinberg

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July 11 (Bloomberg) -- GM Ignition Compensation Fund Administrator Kenneth Feinberg discusses the program to compensate victims of accidents in cars with faulty ignition switches. He speaks on “In The Loop.” (Source: Bloomberg)

Cell phone, a relevant.

Why is that important?

This is not about the driver.

If this is about the mobile.

Whether or not it had a defective switch.

People who resolve their claims years ago with gm not knowing about this, we will allow them to reopen this claim.

We will provide additional compensation.

We want to do the right thing.

They give up their right to sue the company.

If they voluntarily decide to take the competent -- compensation, we will sign that release.

What if someone says all i have is my word-of-mouth and some statements from family members who knew i owned this car and knew this happened?

If those statements were made to the police, if all they have 10 years later is basically nothing, there was an accident in an eligible vehicle and we think it was the ignition switch, well know so far.

We will work with that claimant.

Let's go back together and try to find some documentation that will corroborate your claim.

Word-of-mouth now 10 years later, that is a problem.

There are so many different ways that you can find certain circumstantial evidence that it was the ignition switch.

Like a maintenance report or a police report.

The steering wheel was sticking.

You've spoken about how you are being compensated by general motors.

They are paying you for this.

That is raised questions about how independent -- despite your record -- how do you prove that you are independent?

All the words of the world won't satisfy.

Is the money going out?

Are we being generous?

Are we finding claimants that are eligible?

The criticism is understandable.

It really is.

It happened with bp.

It is entirely understandable.

The only way you overcome that skepticism about true neutrality and independence, what do the statistics show?

How generously or they played.

Did he pay these claims within 90 days?

Do you think that it would make you lean toward more compensatory for the victims because you don't want -- you want them to know the you are being fair to them?

I think we will be generous and fair to the victims.

That is the mandate from general motors.

General motors so far as far as i'm concerned has been very cooperative.

They have talked to me several times.

As you said, they want to do the right thing.

Uncapped funded.

The amount of money that will be

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


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