General Motors will apparently set up a compensation fund for injuries and harm caused by the defective ignition switches in the GM Cobalt vehicles. GM CEO Mary Barra said in a national press conference today that the automaker is setting up a compensation fund for families of victims and those who have suffered serious physical injuries as the result of faulty ignition switches in millions of vehicles. The defective condition has been linked to at least 13 deaths and 47 crashes.
GM President Dan Ammann is organizing the compensation program. Although the specific details of the fund have not been determined, it is expected that the plan will be announced shortly. GM will begin accepting claims on August 1, 2014. The procedures for submitting claims and the determination as to compensation amounts should be announced shortly as well.
GM CEO Mary Barra acknowledged today at her town meeting that the company is accepting responsibility for the defects and failure to timely recall the 2.6 million Cobalt cars. General Motors fired several engineers and plans on taking other action to prevent such a catastrophe from occurring again in the future. In the meantime, compensating the victims has become a top priority.
"The most important thing we can do right now is to reach out and find all of the people, all of the people that have been impacted, lost loved ones, suffered serious physical injuries as a result of this ignition switch defect," Ammann said during a press conference following the town hall."
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