GM has announced the awaited compensation plan for ignition switch problem victims.

It will be open to all family members of anyone who died or was injured due to the problem, including drivers, passengers or pedestrians. For now, General Motors admits to 13 cases of death and 54 motor vehicle accidents. The real number of related car accident claims is expected to be significantly bigger. Start date for filing claims is set to August 1 ending on December 31.

In regards to the size of settlement, there will be no limitations for deaths or catastrophic injuries (paralysis, brain damage, loss of limb, serious burns). Less serious cases will come with smaller amounts. There is no limit on how much money the fund has at his disposal. All those facts don’t mean this is free for whoever. The claimants will have to prove that their motor vehilce accident or personal injury occured specifically due to the ignition switch problem.

And of course, those claimants who chose to get settlement with Feinberg’s fund, automatically give up their right to sue General Motors later.

Mary Barra – CEO of General Motors stated the following:

We are pleased that Mr. Feinberg has completed the next step with our ignition switch compensation program to help victims and their families. We are taking responsibility for what has happened by treating them with compassion, decency and fairness. To that end, we are looking forward to Mr. Feinberg handling claims in a fair and expeditious manner.

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