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Share Name | Share Symbol | Market | Type |
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General Motors Company | NYSE:GM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.06 | -0.13% | 44.47 | 45.195 | 44.38 | 44.50 | 13,586,326 | 21:05:24 |
By Jeff Bennett
Five people who brought injury claims to General Motors Co.'s compensation fund as a result of defective ignition switches have rejected settlement offers, likely paving the way for future lawsuits against the nation's largest auto maker.
The rejections are the first publicly disclosed in what has been a steady stream of settlements offered by the fund since its creation last year. The fund, administered by compensation experts Kenneth Feinberg and Camille Biros, closed the claim window on Jan. 31. Ms. Biros and Mr. Feinberg now are working through those claims to determine eligibility in injuries or death connected with faulty ignition switches installed in 2.8 million older GM cars.
"In a sense, it is a bit surprising as these rejections are lower-end Category 2 claims," Ms. Biros said. "These amounts are clearly spelled out in the facility's protocol and are based strictly upon the number of nights of hospitalization or out-patient treatment."
The fund processes claims under death, major physical injuries such as loss of limbs, and minor injuries, or those not requiring hospitalization. Payouts for major injuries can range between $20,000 and $500,000 based on the number of days spent in the hospital, Ms. Biros has said. Those not hospitalized can receive less, based on the formula used by the experts.
Despite the rejections, the fund has been successful in limiting much of GM's exposure to litigation since those who accept the payouts must waive their rights to sue the company.
The fund has received a total of 4,343 claims, of which 161 were determined to be eligible, 715 ineligible and 1,089 deficient. It will take weeks before Ms. Biros and Mr. Feinberg are done evaluating the claims.
In an earlier interview, Mr. Feinberg said most claimants are in their early 20s because many of the affected vehicles--older Saturn Ions and Chevrolet Cobalts--were sold to young people. Many accidents included other potential causes, such as speeding, drinking or distraction, he has said.
GM has set aside as much as $600 million to handle the claims.
The rejections were reported earlier by the Detroit News.
Write to Jeff Bennett at jeff.bennett@wsj.com
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