As General Motors Company (NYSE:GM) continues with its compensation program for victims linked to the faulty ignition-switch that has led to the recall of 2.6 million vehicles, applications and approvals for compensation are on the rise.
A report released by compensation fund manager Ken Feinberg reveals that the total deaths linked to the switch so far have now risen to 23. Feinberg is reputed to have run the fund for the compensation of the 9/11 and BP oil spill.
The latest development shows that it might take some time before establishing the full extent of damages caused by the fault. Feinberg revealed that he has received a total of 153 applications from individuals claiming to have lost relatives due to the faulty switch. The total number of persons who have claimed to have suffered serious injuries has also risen by 17 from 850 last week to 867 this week. With the application window still open until December 31, it’s expected that the applications may rise and maybe more deaths linked to the said switch.
The initial estimate by General Motors Company (NYSE:GM) was that at least 13 deaths had occurred due to the faulty ignition-switch and the automaker had set at least $1 million for each family that lost a loved one.
The total number of applications that have been certified for compensation for serious injuries is 4 while that of minor injuries is 12.
The compensation by General Motors Company (NYSE:GM) can either be accepted or rejected by the victims or their families.
General Motors Company (NYSE:GM) CEO Mary Barra said recently that she isn’t surprised by the rising number of applications and assured that the company’s interest is to ensure that all victims are fully compensated.
Procedures of application are spelt out at GMIgnitionCompensation.com.
This article has been written by Victor Ochieng.