GM will offer at least $US1 million for each death determined to have been caused by faulty ignition switches, the New York Times reports.
Ken Feinberg, the compensation expert hired by the automaker to determine payouts related to its massive recall, said GM has agreed that there will be no cap on claim amounts. He also said the criteria for deciding payouts will be broad, a signal there are likely to be additional disbursements beyond the 13 deaths GM has publicly linked to the bad switches.
The company also agreed to not invoke protection from liabilities involving incidents before it filed for bankruptcy, the Times reported.
Barclay’s Brian Johnson has estimated that GM could spend $US3 billion, Bloomberg said. U.S. Senator Richard Blumenthal of Connecticut has urged the company to set aside as much as $US8 billion.