GM ignition switch fund pays out nearly $600M on 399 claims
Lawyers hired to compensate victims of General Motors’ faulty ignition switches have paid out $594.5 million to settle 399 eligible claims.
The numbers were released Thursday in a final report from compensation expert Kenneth Feinberg.
A total of 4,343 claims were filed with the GM fund. Only 9.2 percent were deemed eligible for payments, including claims for 124 deaths and 275 injuries.
The fund says more than 90 percent of the offers it made were accepted.
The switches in older model small cars such as the Chevy Cobalt can slip out of the “run” position and cut off the engine. They have been linked to at least 169 deaths.
GM said in September that ignition-switch scandal cost it over $5.3 billion. It still faces 217 wrongful death and injury lawsuits.