According to Kenneth Feinberg, a compensation expert hired by General Motors to handle and facilitate injury and death claims for the GM faulty ignition switch recall, there are only 5 days left to seek compensation payments. In 2014, GM set aside $400 million for compensation payments, but the amount of claims paid is expected to reach $600 million. To date, at least 50 deaths have now been attributed to faulty GM ignition switches. The compensation for death starts at $1 million, and goes up according to damages suffered.
Feinberg is expecting a surge in claims in these last few days. According to the claim website, claims postmarked by January 31, 2015 will be considered timely filed. The fund has received 338 death claims, but so far 58 of the death claims have been rejected for compensation. The remaining death claims are under review.
Only 56 percent of the over 2 million vehicles on the road that have this faulty ignition switch have been repaired.
For more information, go to the GM ignition switch recall site http://www.gmignitionupdate.com/.