The General Motors Ignition Switch Compensation Fund has completed its review of the claims surrounding death and injuries associated with faulty ignition switches. The final tally in fund-approved death claims is at 124, each of whom was offered $1 million in compensation.
Though the fund has completed its review, the fund’s administrator is likely to ask the staff to review the work again before all the settlements are put to rest. Even then, the fund will not be complete, as not all offers have been accepted yet. Those seeking compensation have 90 days to accept or reject the offer; furthermore, not all that have been accepted have been paid.
Last month, GM said it set aside $625 million to pay those deemed eligible by the compensation fund. Through July 17th the company has already doled out $280 million. That number could grow depending on the victim’s age, profession, salary, or if they were a parent, according to the Detroit Free Press. Out of the 474 total ‘Deceased’ claims filed, 350 were found to be ineligible.
Kenneth Feinberg and his team also reviewed 277 ‘Category One’ or severe accident claims — those relating to physical injuries such as quadriplegia and loss of a limb. Of these, the fund approved just 17.
The fund also reviewed a total of 3,591 ‘Category Two’ claims — those that required hospitalization — and approved a total of 257 claims.
Though the work performed by the Compensation Fund may be nearing completion, The General still faces a litany of lawsuits related to the ignition switch recall, including an investigation by the U.S. Attorney for the South District of New York to determine possible wrongdoing by the company.