General Motors Company (NYSE:GM) Started Five Months Filing Claims For Accidental Losses

Posted In Automotive - By Tim Stofflet On Monday, August 4th, 2014 With 0 Comments

Dallas, Texas 08/04/2014 (ustradevoice) – The Detroit-based Company, General Motors Company (NYSE:GM) may have to increase its fund limit for ex-gratia for those victims who suffered severe accidents due to faulty ignition systems. The giant automobile manufacturer is receiving claims from the family members who sufferred death and injuries.

The five months filing started from Friday:

The filing for the accidental cases, started on Friday, August 1, 2014, is part of the fallout from General Motors Company (NYSE:GM)’s recall of 2.6 million small vehicles beginning in the month of February. A total number of recalls has touched the figure of 29 million this year itself. However, the situation forced the company to accept the faulty ignition system that results in such causalities. The incorrect measures of General Motors, for more than a decade, have triggered such mass recall.

Additional fund amount of $200 million:

The five months filing tenure will continue till December 31, 2014, within which the persons (drivers, passengers, and pedestrians) killed or injured due to the company’s flawed vehicles, can file a claim. General Motors Company (NYSE:GM) has already taken the decision of $400 million as compensation for the victims. However, the settlement value can increase as there is no cap for the fund. A month ago, the automobile company informed its investors that the company needs to keep aside more $200 million for the sufferers due to its faulty ignition systems.

Default vehicles:

The General Motors vehicles, which come under faulty ignitions, are Saturn Ion and Chevrolet Cobalt. The ignition in those cars suddenly stalled the engines, creating locking in power steering, harder control in the vehicle and disabling airbags to function during clashes.

Numbers of deaths still in dark:

Camille Biros, a spokesperson for the fund administrator, acknowledge that almost 40 filing has been done by Friday late night. The company, through its investigation has traced 13 life losses, while members of Congress investigating the issue informed the number of deaths to be approximately 100.

About the Author

- Tim Stofflet is a graduate of the City University of New York’s Graduate School of Journalism and earned her undergraduate degree from Pace University. Tim Stofflet has cemented his reputation as one of the foremost investigative reporters of his generation. Tim covers private equity and deal making. Tim has been recognized by several Awards from the Ohio and Indiana Associated Press for News Reporting / Press Club of Cleveland Award.

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