Skip to comments.GM crash victim payment plan won't have limit
Posted on 06/28/2014 10:52:43 PM PDT by Citizen Zed
When Kenneth Feinberg announces the terms of General Motors' plan to pay victims of crashes caused by bad ignition switches, he'll have an open wallet.
Feinberg, the country's most well-known compensation expert, is scheduled to reveal the terms Monday, and GM CEO Mary Barra has said there will be no cap on payments.
Also, GM won't have any say in Feinberg's awards, she told a U.S. House subcommittee during a hearing earlier this month.
"He will have complete independence," Barra said under questioning. "General Motors wants to reach with this compensation program everyone who lost a loved one due to this issue, or who suffered serious physical injury."
The company says the faulty switches are responsible for at least 54 crashes and more than 13 deaths, but lawyers and lawmakers say the death toll is closer to 100, with hundreds of injuries. That would send GM's payments into the millions, if not billions of dollars. GM was sitting on a $27 billion cash stockpile as of March 31. So far, it has announced or taken charges of $2 billion for recall expenses.
(Excerpt) Read more at m.wmbfnews.com ...
Will they need more taxpayer cash?
Almost certainly. Their 27 billion is going to be gone fast, what with all the other recalls they’ve started lately.
There is no ceiling because the lawyers get a percentage. Get it. It’s not about the innocent victims after all. Priorities ....
Look where the money went from the class action smoking settlement.
Not arguing that. GM deserves the corporate financial death penalty for the coverup over the ignition switch problems. It’s too bad the victims won’t get most of the money, but GM needs to die since it’s apparent at this point they can’t be fixed. The New GM, post government ownership, is just like the Old GM only worse.