Most Victims Of Faulty Ignition Switches Are Accepting GM Compensation Offers

Chevy Cobalt Faulty Ignition Switches
General Motors is paying $1 million or more per family to settle faulty ignition switch lawsuits brought against the company over its negligence.

GM’s compensation fund has finished processing all of the claims it received and 308 of 397 offers have been accepted.

The fault ignition switches caused 124 deaths and 273 injuries. The company made compensation offers to all of its victims and their families.

While the company continues to wait for the remaining offers to be accepted, five have been rejected. The fund is waiting for decisions on 84 offers.

The company is is offering at least $1 million to family members and surviving victims. The company has set aside $625 million for compensation efforts.

GM recalled 2.6 million Chevrolet Cobalt and other small cars last year. The company admitted to knowing about the faulty ignition switches. GM says it hid the issue from the general public for more than a decade.

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Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.