GM Says it Will Not Cap Ignition Switch Compensation Claims

Now watching

Next video starts in : 7 Play

GM Says it Will Not Cap Ignition Switch Compensation Claims

GM Says it Will Not Cap Ignition Switch Compensation Claims
Replay video
Up next

Facts You Should Know About Taking a Summer Vacation in 2015

Unlock your personal NFL Now stream by signing in to NFL.com

GM Says it Will Not Cap Ignition Switch Compensation Claims

by TheStreet 2:32 mins

GM Says it Will Not Cap Ignition Switch Compensation Claims

by TheStreet 2:32 mins

General Motors says it will not put a ceiling on the total dollar amount it will pay out for auto accident victims related to the automaker's ignition switch defect. Kenneth Feinberg, who GM hired two months ago to administer the compensation claims, says the plan will be entirely voluntary and will extend not only to drivers but also to passengers and even pedestrians injured as a result of an auto accident related to the defect. Feinberg says all claims must be submitted no later than December 31, 2014 and payouts to victims will occur as quickly as possible. The payout benchmarks will be determined by data from the U.S. Bureau of Labor Statistics. TheStreet's Ruben Ramirez reports from New York.

TheStreet

Market Movers

Personal Finance

  1. 2:22

    How this woman tracked down her identity thief

  2. 2:23

    3 strategies that can help simplify your life

  3. 2:14

    Would you give your dog your kidney?

  4. 2:14

    5 unique summer jobs that pay great

  5. 1:03

    Money Minute: What employers are really looking for

  6. 2:31

    CEO cashes out to become a farmer

Personal Finance

  1. 2:22

    How this woman tracked down her identity thief

  2. 2:23

    3 strategies that can help simplify your life

  3. 2:14

    Would you give your dog your kidney?

  4. 2:14

    5 unique summer jobs that pay great

  5. 1:03

    Money Minute: What employers are really looking for

  6. 2:31

    CEO cashes out to become a farmer

Market Movers