Eligible claimants are accepting offers from General Motors Co.s (GM) victims compensation fund, administrator Kenneth Feinberg said in a recent CNBC interview. The fund has paid 130 victims ahead of its scheduled deadline of Jan. 31, 2015, but Feinberg notes that thousands of claims still remain unprocessed.
According to a Bloomberg News report, Feinberg has confirmed 51 deaths out of a total 4,180 claims made, and that 400 claims have been thrown out. Feinberg explains that GM may have set aside anywhere from $400 to $600 billion in anticipation of the payouts, but he has no idea whether that number is high enough.
"Im not cutting the checks, Feinberg told Bloomberg's Alix Steel during the interview.
Proof required for each claim includes proximate evidence that the accident or injury was caused by the defective switch. This may include documents such as police report forms, information from an insurance investigation, photographs and more.
Feinberg says that over one third of all claimants had claims that did not provide sufficient documentation, and that he is working with each family to ensure appropriate documentation is provided.
Currently, GM has 150 claims against it ranging from injuries and deaths because of defective ignition switches to fallen prices of vehicles as a result of last years numerous recalls.
Two members of Congress have requested that Feinberg extend the deadline, but he says there will be absolutely no exceptions.
Feinberg anticipates payments will be processed as quickly as 60-120 days after a claim is deemed eligible.
If you or someone you love was hurt because of a defective vehicle part, you could be entitled to compensation for the harm that you suffered.
Contact Greg Monforton & Partners today. Our legal team is ready to fight for your rights.
Call 1-866-320-4770 or fill out our free case evaluation form.