Five people have turned down General Motors Company (NYSE:GM) paving way for what industry analysts believe could be further lawsuits, suggestions that the fund administrator Kenneth Feinberg refutes. Speaking to Fox Business Feinberg, reiterated his strong belief that the five who have rejected settlement offers would come back to the fund upon further reflection.
Feinberg also refuted suggestions that General Motors (GM) will be forced to fork out more money to settle the five claims basing his arguments on past compensation schemes. General Motors Company (NYSE:GM) through CEO, Mary Barra, has however stated that it is willing to do whatever it takes to pay all the eligible claims even if they exceed the $600 million set aside for compensation.
“There will be no wave, five out of a hundred, and sixty-one and I predict that in the next few weeks those five upon reflection will come back into the fund. [..] They will see that the fund has provided appropriate compensation. 911 funds 97% came BP 92% came in right now it’s about 95% those five people will think it over,” said Mr. Feinberg.
General Motors Company (NYSE:GM) received a total of 4,343 claims associated with its faulty ignition switch and is currently reviewing 1, 445 cases having ruled 715 as ineligible and 161 as eligible for compensation. The remaining cases are still under review.
Asked of why the five people turned down the package, Feinberg reiterated they might have been driven by emotion on being offered money in lieu of a death of their loved one or serious injuries sustained. The fact that the five cases don’t involve any death cases gives General Motors Company (NYSE:GM) more confidence that a settlement will be agreed upon, without the need for further lawsuits.
“[..] These are relatively modest physical injuries. I think that the claimant will think about it wonder whether they should take the money, and I think that at the end of the day rather than litigate for years. I suspect that they will come back and accept the conception,” said Mr. Feinberg.
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