Most of General Motors’ (GM) ignition switch legal problems thus far have dealt in hypotheticals, questions and internal shakeups. But now, the company is seeing the first effects of its issues on the bottom line, revealing a compensation plan on June 30 that sees them offering more than $1 million to the families of those who died as a result of faulty cars.
Kenneth R. Feinberg, a compensation expert hired by GM, has revealed a settlement program that is intended to compensate those injured — or worse — by the vehicles affected by faulty ignition switches. Feinberg said the company will offer checks ranging from $20,000 to over $1 million for those who were hurt in a crash involving one of GM’s 2.6 million recalled cars. There is no cap on this settlement.