GM has processed 115 compensation claims from switch victims, Feinberg says

August 7, 2014, 5:18 PM UTC
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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
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Less than one week after it launched, the compensation program established for the victims of General Motors’ faulty ignition switches has already processed 115 claims, according to Kenneth Feinberg, the lawyer and compensation super-guru who is running the program for GM.

Over half of the claims received are for compensation due to death, he told CNBC Thursday. He also noted that most of the claims have involved Chevrolet Cobalts and Saturn Ions, although he expects future claims to involve other GM brands and models.

Feinberg said he expects the program will begin making payments within around 90 days for some of the more simple claims. The more complicated issues, including those where there is some dispute among family members about the amount of money each one should receive, could take longer — up to six months, he said.

He also reiterated the support he’s received from GM (GM) and praised the automaker for not putting limits on the amount of money he and his team can pay out.

“GM has been cooperative, supportive,” he said. “I have the highest regard for GM insofar as they have helped me.”