General Motors’ compensation expert Kenneth Feinberg began accepting claims from victims involved in crashes in vehicles with faulty ignition switches on Friday, August 1 and had received 89 claims as of Monday morning, according to a report from CNN Money.
Feinberg set up an uncapped victim’s compensation fund to pay victims and their families who were involved in accidents as a result of the faulty ignition switch. GM knew certain cars had a faulty ignition switch, but neglected to act on the information for 10 years before recalling the cars in February of this year.
Victims may file claims until December 31. Feinberg says he believes victims will receive a response for their claim three to four months after they submit it.
GM and Feinberg outlined their compensation plan in late June. It will offer $1 million for the individual who died in the accident and another $300,000 each for the surviving spouse and any dependents. They will also get additional payments for lost wages, medical expenses and other losses. GM set aside between $400 and $600 million from its quarterly earnings to pay for the compensation fund.