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Hundreds of claims expected as GM opens compensation fund

Aug. 01, 2014 6:40 AM ETGeneral Motors Company (GM) StockGMBy: Yoel Minkoff, SA News Editor7 Comments
  • Several hundred claims against GM (NYSE:GM) are expected to be filed this morning, as the automaker begins accepting claims for its faulty ignition switch compensation program.
  • General Motors has set aside $400M for payouts, although the total amount of awards is not capped and could increase.
  • Lawyers are willing to give the program a chance, since it does not prevent them from suing GM while waiting to see how much of a payout they would be entitled to. Plaintiffs that take a payout, however, must drop their lawsuits.
  • GM -0.6% premarket

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