💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

GM gets 104 more claims for faulty ignition switch compensation

Published 12/22/2014, 10:43 AM
Updated 12/22/2014, 10:50 AM
© Reuters. File photo of General Motors logo outside its headquarters at the Renaissance Center in Detroit
GM
-

(Reuters) - General Motors Co (N:GM) has received 104 claims for compensation for ignition switch defects in its cars in the past week, bringing the total to 2,430, according to the official administering the compensation program.

Through Friday, GM had received 260 claims for death, 172 for catastrophic injuries and 1,998 for less-serious injuries requiring hospitalization.

The number of claims found eligible for compensation remained unchanged from last week.

The company's compensation program has so far determined that 42 deaths, seven severe injuries and 51 other injuries were eligible for payment, according to the report from lawyer Kenneth Feinberg, hired by GM to administer the program. (http://bit.ly/13r8BkE)

The report said 306 claims had been deemed ineligible, while 692 were under review. Another 568 lacked sufficient paperwork or evidence and 764 had no documentation at all, it said.

© Reuters. File photo of General Motors logo outside its headquarters at the Renaissance Center in Detroit

GM has set aside an initial $400 million to cover its costs of compensation for claims on behalf of people injured or killed because of the faulty switch in its cars.

(Reporting by Rohit T. K. in Bengaluru)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.