General Motor's Ignition Recall Program Numbers

Kenneth Feinberg, administrator of the General Motors Company GM faulty ignition-switch compensation fund, was recently on CNBC to talk about the numbers behind General Motor's ignition recall program following the passing of the January 31 deadline for claims submission.

What Are The Final Numbers?

“We are still counting them,” Feinberg said. “They are coming; in all of these programs, you get a rush at the end. So, the numbers aren’t yet final final."

"We are going to know in about 10 days, but we received 4,180 claims.”

He continued, expressing that "about 3,000" of the 4,180 claims are ineligible for one reason or another. Explaining how some claim submissions did not fit the necessary criteria, Feinberg stated, "They send in a photo or a police report that doesn’t say very much or nothing. About 1,500 claims have no documentation at all."

"On the other hand, we have authorized payments for 51 deaths and about another 70 or so are physical injuries.”

Related Link: The Report Card: Mary Barra Completes 1 Year As General Motors CEO

Are All The Claims Going To Cost GM Its Allocated Budget Of $400-600 Million?

“Well, again, we have got to still look at this inventory over the next three or four months to make some final decisions,” Feinberg answered.

“I suggest those questions should be directed at General Motors. They are the ones who are cutting the checks, making the payments. No eligible claimant has yet rejected that we have offered under this program.”

Have The Original 13 Families That Filed Lawsuits Settled?

“Again, we got to be careful about confidentiality, but I would say that those 13 have been processed under this program, yes,” Feinberg replied.