G.M. to Offer at Least $1 Million for Each Ignition Switch Death
A $1 million starting point for each death anchors the formula to pay families of those who died in accidents caused by a defective ignition switch in General Motors cars, under a plan unveiled Monday by a compensation expert hired by the automaker.
The plan, announced by the expert, Kenneth R. Feinberg, is broad and inclusive, and seems certain to account for deaths beyond the 13 that G.M. has publicly linked to the defect.
There is no cap on the amount of money G.M. has agreed to spend on victims’ payments, Mr. Feinberg said, and the company will not invoke its protection from liabilities involving incidents before its July 10, 2009, bankruptcy restructuring agreement.
Under Mr. Feinberg’s formula, families of those who died are entitled to at least $1 million, and added to that will be a calculation of lifetime earnings lost as well as $300,000 for a spouse and for each dependent.
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http://www.nytimes.com/2014/07/01/business/gms-payout-formula-for-the-dead-1-million-and-up.html?emc=edit_na_20140630
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