GM expects to pay up to $600 million to victims of faulty ignition switches

General Motors Quarterly Profits Drop 12 Percent
REDWOOD CITY, CA - NOVEMBER 09: The General Motors logo is displayed at Boardwalk Chevrolet on November 9, 2011 in Redwood City, California. General Motors reported a 12 percent decline in third quarter profits earnings of $1.73 billion, or $1.03 a share, down from $1.96 billion, or $1.20 a share one year ago. (Photo by Justin Sullivan/Getty Images)
Photo by Justin Sullivan—Getty Images

General Motors (GM) expects to pay out between $400 million and $600 million to victims of its faulty ignition switches, according to reports.

GM announced its compensation protocol last month. The program, which is administered by victim compensation expert Ken Feinberg, will begin taking claims on August 1.

This program is not for those who saw damage to their vehicles. It will pay out to anyone who was injured, or who lost a loved one in a crash caused by a faulty ignition switch, including people in the car, in another car, or pedestrians.

Feinberg has repeatedly said that GM has put no cap on the amount of money that will be paid to victims.

On Wednesday, GM announced six new vehicle recalls, expanding beyond the ignition switch defect that has dogged the automaker for much of this year, bringing its total recall number for the year to 60 involving almost 30 million vehicles worldwide.

For much of the year, GM has been overwhelmed by a safety crisis set off by faulty ignition switches in millions of older cars that the automaker has linked to at least 13 deaths.