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GM Announces Compensation Plan to Pay Victims

Meyerkord & Kurth, LLC: A Legacy of Legal Innovation

http://www.nytimes.com/2014/07/01/business/gms-payout-formula-for-the-dead-1-million-and-up.html?_r=0

Earlier today General Motors announced its compensation plan for victims injured as a result of its defective ignition switch. First and foremost, the automaker plans to compensate families of victims who died as a result of accidents caused by a defective ignition switch at least $1 million. A calculation determining life time earnings lost as well as $300,000 for a spouse and for each dependent will be added to the $1 million for families of those who died. While 13 deaths have already been attributed to the ignition switch defect, the plan seems to account for deaths beyond those already acknowledged. A spokesperson for GM said that the company has not placed a cap on the amount of money it has agreed to spend on victims' payments. Victims of life-altering catastrophic injuries could be entitled to even more money taking into account a lifetime medical care plan, lost earning power and other factors. The compensation plan, which covers accidents through December 2014, could cost the company billions. Victims and families of victims may start filing claims on August 1. The company hopes that the compensation plan will encourage victims and families to file a claim with the company rather than seek compensation through the courts, where the payout and associated costs could be much higher.

If you or a loved one is affected by a product that causes injury, Meyerkord & Kurth, LLC is the family of attorneys that will fight for you and your family's interests. Meyerkord & Kurth will represent you zealously in order to get your family the compensation that it deserves. Please contact our knowledgeable products liability attorneys at (314) 436-9958 or (800) 391-4318 if you have suffered from a loss due to the negligence of a producer of consumer products.

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