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GM Says It Knew About Ignition Switch Problem 10 Years Ago!
General Motors acknowledges that it knew about the faulty ignition switches 10 years ago. The total deaths due to the faulty switches are currently 124 and 226 injured.
A compensation fund that was set up for victims of faulty ignition switches revealed these numbers.
The fund, which is run by attorney Kenneth Feinberg, has finished processing 4,342 claims it received by the Jan 31 deadline. Of these claims, 91 percent have been claimed ineligible or deficient.
The families of victims are being offered compensation of at least USD 1 million. As of the 31st of March, GM has paid USD 200 million to settle claims and is expecting to pay up to USD 600 million.
General Motors recalled 2.6 million cars that included Chevrolet Cobalt and other small cars last year to fix and replace the faulty ignition switch, but acknowledged it knew about it a decade ago.
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