Gen. Motors Offers Million Dollar Compensation To Families

[siru]

WASHINGTON — 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.
In a hypothetical example given by Mr. Feinberg in an interview, the family of a 25-year-old married woman with two children who was earning $46,400 a year at the time of her accident would receive $4 million.

People with life-altering catastrophic injuries could receive considerably more. A child who became a paraplegic as a result of an accident could potentially receive a payout in the double-digit millions, he said, based on a lifetime medical care plan, lost earning power and other exceptional factors.

The broad protocol, which provides for payouts even for accidents that have not yet happened (crashes through Dec. 31, 2014, are eligible) could cost the company financially — possibly in the billions — but is an important step toward restoring public trust. Mary T. Barra, G.M.'s chief executive, has called it the company’s “civic duty” to compensate victims.

[Johny]

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[agora]