GM Switch Recall Death Total Sure To Increase

GM Switch Recall Death Total Sure To Increase

General Motors is still bogged down in bad press regarding its delayed recall of a faulty ignition switch, but the company looks forward to compensating all of the victims and moving on by summer of this year.

The total number of confirmed deaths associated with the GM switch recall stands at 51, but that total is almost certain to rise. According to victims compensation fund deputy administrator Camille Biros, who works with head administrator Kenneth Feinberg, the number of cases eligible for compensation will definitely increase, including additional claims for death or serious injury.

Greenlight Beat The S&P In Q4: Here Are The Fund’s Biggest Winners

David Einhorn Greenlight CapitalDavid Einhorn's Greenlight Capital funds were up 11.9% for 2021, compared to the S&P 500's 28.7% return. Since its inception in May 1996, Greenlight has returned 1,882.6% cumulatively and 12.3% net on an annualized basis. Q4 2021 hedge fund letters, conferences and more The fund was up 18.6% for the fourth quarter, with almost all Read More

Biros, who was interviewed by Reuters on Monday, also noted that the current numbers of claimants eligible for catastrophic injury and less serious injury claims are eight and 69, respectively.

Additional claims still to be processed

With the rush of claims coming into the January 31 deadline, the total number of claims received as of February 1st was 4,180, up from 3,068 on Jan. 23, Biros noted. Since last Thursday, another 700 claims had been filed, and January was the heaviest month for claims with over 1,600 filed, she commented.

She also pointed out that the number of claims in all categories is likely increase as any claims received with a time stamp before the deadline would be accepted.

Biros also commented that the victims compensation program likely will be processing claims until the end of spring.

More on GM switch recall victims compensation fund

GM hired Kenneth Feinberg to administrate an out-of-court victims compensation program for people injured or killed because of the faulty switch.

The iconic car maker gave Feinberg complete discretion to determine who to compensate and will not review his decisions. The company has earmarked between $400 million to $600 million to pay for the compensation program.

The original deadline for filing compensation claims relating to the GM switch recall was December 31st of last year, but GM extended it to January 31st. The car maker would not, however, extend the deadline further despite pleas from at least two U.S. senators.

Updated on

No posts to display