The deaths of at least 13 people have been linked to a faulty ignition switch in several cars manufactured by General Motors (GM). Now the firm has estimated it must establish a compensation fund for victims and their families at a cost of $400 million (£235 million).
A statement from the firm read, “There is no cap on this programme but this charge is the company’s best estimate of the amounts that may be paid to claimants.” It’s thought that the figure could even rise by a further $200 million due to the sensitive nature of the case.
Financial results from the Detroit based firm showed a drop in net income to just $190m down from £1.2bn 12 months ago. The recall of over 29 million affected vehicles cost the firm £1.2bn and the compensation fund has also had a detrimental effect on profits. In fact, the number of vehicles recalled by the firm is three times as many as it sold in 2013. GM’s stocks also dropped by 0.9% to $37.41 as their financial figures were released.
Claiming compensation for negligence by a vehicle manufacturer will require the services of a professional personal injury lawyer, but auto manufacturers can be held accountable if injury or death has occurred due to their errors.
Claiming compensation for manufacturer’s negligence
We all rely on manufacturers to provide us with products that are functional and safe to use, and we are also reliant on rigorous safety testing and standards, particularly when it comes to our cars. If you have been affected by safety issues with your car (for example, if it has been recalled) and have been injured as a result, you could be eligible to claim compensation. The first step is to contact a personal injury lawyer, who will be able to assist you with your claim.
Personal injury lawyers to the rescue
If you have been injured as a result of a faulty vehicle, whether it has been recalled by the manufacturer or not, contact Accident Advice Helpline today. We have dealt with hundreds of claims relating to vehicle recalls and road traffic accidents, so we will be able to offer confidential, no-obligation advice before you decide to proceed with a claim. All our lawyers operate on a 100% no win, no fee basis, so there are no upfront fees to worry about, and our freephone helpline is open 24/7 on 0800 689 0500. Call us today to find out how we can assist you with your claim for compensation.
Source: Tech Times