GM Compensation Program Established for Ignition Switch Recall
General Motors announced this morning that it will be implementing a compensation program for those who have suffered serious physical injuries or lost loved ones due to an ignition switch failure in any of the vehicles that have recently been recalled as a part of the major GM ignition switch recall. This move to establish the GM compensation program is most definitely a step in the right direction for the American automaker.
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“We are taking responsibility for what has happened by taking steps to treat these victims and their families with compassion, decency and fairness,” commented new GM CEO, Mary Barra. “We made serious mistakes in the past and as a result we’re making significant changes in our company to ensure they never happen again.”
Kenneth Feinberg will be independently administering the GM compensation program. Feinburg is highly valued for his past work with compensation programs of a large nature.
This program will cover approximately 2.6 million models that have been recalled over the last few months.
More specific guidelines for the GM compensation program are expected within the coming weeks. GM will begin to accept claims starting on August 1, 2014.
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