General Motors is preparing to make a big announcement about plans to compensate victims of a deadly defect. It's a defect that led to a massive recall nearly a decade after it was first discovered.
GM crash victims should know how much their payout will be. The announcement is excepted Monday in Washington on that amount for those involved in accidents caused by faulty ignition switchesGM CEO Mary Barra says there will not be a cap on the payments. The bad switches would cause engines to stall, shutting off power steering and brakes.
According to GM, the bad switches have caused 54 crashes and more than 13 deaths in the past 10 years.
But according to the Associated Press, lawyers and lawmakers say the death toll is actuality closer to 100, with hundreds of injuries.
This could mean GM will be paying out millions, if not billions of dollars.
Kenneth Feinberg, a well-known compensation expert is said to give the announcement Monday.
Feinberg says to get a payment, victims would have to agree not to sue GM. That's because the company is vulnerable because it has known about the switch problem for more than a decade.
Feinberg also said they can check air bag activation to decide who gets paid. If the airbag deployed in their accident, it means it was not due to the faulty switches. The claims will be taken starting August 1.
Copyright 2014 Associated Press. All rights reserved.
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