GM Recall Settlement Funding Now Available
GM recall lawsuits are continuing to mount, as more than 600 victims of crashes caused by their defective vehicles have filed claims against the automaker in federal court. Sadly, most victims are not eligible to receive payment from the fund GM created to compensate those who were injured or had family members who died as a result of the crashes, as their vehicles were not part of the recall.
Although GM has recalled approximately 30 million vehicles in 2014, the fund is restricted to just 2.6 million cars and trucks with defective ignition switches.
Some of the plaintiffs eligible for remuneration from the GM fund are hesitant to accept the settlement, as they don’t believe they will be compensated fairly for their injuries. These plaintiffs were able to begin filing claims with the fund on Friday, August 1 and still continue with their lawsuit. If they make the decision to accept to offer made by the fund, they’ll be required to drop their lawsuit.
GM plans to spend a minimum of $400 million compensating recall victims through the fund; however, the company warned investors that number could rise significantly to $600 million or more.
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GM seeks immunity for vehicle defects prior to 2008
While the auto manufacturer has agreed to compensate victims of accidents caused by faulty ignition switches, company officials are not willing to pay for older vehicles. GM maintains it’s not responsible for personal injuries and wrongful deaths caused by defects in vehicles sold before it declared bankruptcy in 2008.
The company indicated it plans to discuss the issue with U.S. Bankruptcy Judge Robert Gerber in August, to get a definitive decision prior to beginning settlement proceedings.
The approximately 30 million vehicles recalled this year marks the most ever in company history. GM has become more stringent about recalling cars with defects after coming under fire for knowing about the defective ignition switch for more than a decade, but failing to issue a recall. As a result of their negligence, 13 deaths are believed to have been caused.
GM recall settlement funding
GM settlement funding isn’t the best option for everyone. However, if you determine that you can benefit from a cash advance on your GM auto recall settlement, call us toll-free at 800-345-8500 to get started on the application process and get the money you deserve now, when you need it most.
Resources:
- CNN, GM Sued By More Than 600 Recall Victims http://money.cnn.com/2014/07/30/news/companies/gm-recall-lawsuit/
- TechTimes, GM Recall List Grows: 717,949 Vehicles Include Chevrolet, GMC, Cadillac and Buick http://www.techtimes.com/articles/11234/20140728/gm-recall-list-grows-717-949-vehicles-include-chevrolet-gmc-cadillac-and-buick.htm
