Renowned compensation attorney Kenneth Feinberg, who independently administered and evaluated details of the program, is scheduled to reveal the terms of the program at 10 a.m. Monday in Washington, D.C.
Update: No cap on GM compensation program, victims could receive millions
DETROIT, MI- Details of General Motors Co.'s compensation fund for families of victims and those who have suffered serious physical injuries as a result of faulty ignition switches in millions of vehicles are expected to be released today.
Renowned compensation attorney Kenneth Feinberg, who independently administered and evaluated details of the program, is scheduled to reveal the terms of the program at 10 a.m. Monday in Washington, D.C.
The Detroit-based automaker has linked the faulty ignition switches to at least 13 deaths and 54 crashes, but others, including victims' family members and lawyers, say the death toll is closer to 100. GM has said its numbers could increase based on Feinberg's findings.
GM President Dan Ammann, who has been leading the efforts to set up the compensation program, said the company should be ready to accept claims starting Aug. 1.
"The most important thing we can do right now is to reach out and find all of the people, all of the people that have been impacted, lost loved ones, suffered serious physical injuries as a result of this ignition switch defect," Ammann said during a press conference earlier this month. "It's so important, we independently found the best person we possibly could to administer this program."
FILE - In this July 11, 2013 file photo, attorney and special adviser Kenneth Feinberg speaks at a public forum on the distribution of Newtown donations at Edmond Town Hall in Newtown, Conn. Feinberg plans to announce the terms of General Motors' plan to pay victims of crashes caused by bad ignition switches on June 30, 2014. (AP Photo/Jessica Hill, File) Ammann would not speculate on financial details of the account or how many individuals are expected to be eligible for the fund.
GM CEO Mary Barra has said Feinberg essentially has a blank check when it comes to the compensation program.
"He will have complete independence," Barra said during a congressional hearing to discuss the ignition switch recall earlier this month.
Feinberg is best known for overseeing millions of dollars in compensation in high-profile tragedies, including the Sept. 11 terrorist attacks, the Virginia Tech school shooting, the BP Deepwater Horizon oil spill in the Gulf of Mexico and the Boston Marathon bombing.
The 2.6 million vehicles, including 2.2 million in the U.S., affected by the ignition switch recall include 2003-2007 Saturn Ions, 2007-2010 Saturn Skys, 2005-2011 Chevrolet HHRs, 2006-2010 Pontiac Solstices, and 2005-10 Chevrolet Cobalt and Pontiac G5 models.
According to documents submitted to federal officials, GM knew about the faulty ignition switches in the early-2000s but did not recall the vehicles until February 2014.
Feinberg's announcement is expected to be broadcast on C-SPAN2.
Michael Wayland covers the automotive industry for MLive. Email him at MWayland@mlive.com & follow him on Twitter @MikeWayland or Google+.