Kenneth Feinberg, the gentleman who is leading General Motors’ ignition-switch victim settlement fund plans, says that criteria will be determined soon and claims will be accepted starting on August 1.
“I will be spending the next few weeks seeking advice and input from all interested parties as to the terms and conditions of such a program. I have already drafted some preliminary compensation ideas and plan to share them in confidence over the next few weeks with lawyers, public interest groups, GM and others interested in the compensation program,” Feinberg said in a statement.
The Detroit Free Press is reporting that Feinberg has permission from General Motors to determine the eligibility criteria and the size of settlements. GM CEO Mary Barra told reporters earlier this week that the automaker will report an estimated total for settlements, which is expected to get into the billions, in its second-quarter earnings report for July 24.
One thing observers are anxious to find out is whether victims who were sitting in the back seat of vehicles involved in accidents blamed on faulty ignition switches will be offered settlements, as the automaker is currently not including back-seat victims.