Uncategorized ·General Motors

GM compensation program now open for business

BYBen Geier
August 1, 2014, 3:38 PM UTC
General Motors Co. Chief Executive Officer Mary Barra At Senate Hearing On Recalls
Kenneth "Ken" Feinberg, managing partner and founder of Feinberg Rozen LLP and administer of the General Motors Co. compensation fund, waits to begin a Senate Consumer Protection, Product Safety, and Insurance Subcommittee hearing in Washington, D.C., U.S., on Thursday, July 17, 2014. Members of the U.S. Senate subcommittee are likely to press General Motors Co. Chief Executive Officer Mary Barra today about the company's decision not to compensate all victims of ignition defects. Photographer: Andrew Harrer/Bloomberg via Getty Images
Photo by Bloomberg—Getty Images

The General Motors ignition switch victim compensation plan — uncapped, but expected to cost the automaker between $400 million and $600 million — is officially open for business.

Starting today, anyone who was injured or who lost a loved one as a result of faulty ignition switches can file a claim with GM (GM) either online, or by mail.

The exact details for the protocol can be found online here.

The protocol, run by compensation guru Kenneth Feinberg, will run for five months, and all claims must be postmarked or filed online by Dec. 31, 2014.

Several hundred claims are expected, reports say.

This spring, GM hired Feinberg to run the compensation program, giving him sole authority over how much to offer for severe injuries and deaths caused by the faulty ignition switch.