Kenneth Feinberg has been responsible for making sure victims of the September 11 terrorist attacks, BP oil spill, and Boston Marathon bombing were properly compensated. General Motors hired Feinberg “to arrange compensation for victims of cars with defective ignition switches,” but he won’t admit how much compensation he himself is receiving, telling Bloomberg his pay is “up to GM.”
Though Feinberg won’t formally hear claims until August 1, he told Bloomberg he’s already heard from victims and called some of the stories he’s been told “heart-wrenching.” Individuals have until the end of the year to make their claims.
While Senator Richard Blumenthal of Connecticut asked for an extension to the deadline, Feinberg has declined to consider it, believing that the deadline forces “people to gather together their documentation and get the claim in.”
Though we’ll have to wait to see how much GM actually hands out in claims related to its recalls, the company seems ready to commit to doing the right thing. As Feinberg said of CEO Mary Barra, “She means what she says.”