NEW YORK (TheStreet) -- General Motors' (GM) compensation program will begin taking claims, the first step in distributing $400 million reserved to give relief to victims of its vehicles' defective ignition switch.
Kenneth Feinberg, a compensations expert who previously resolved claims in the BP (BP) Gulf of Mexico oil spill, announced the facility as in operation Friday. It will now accept submissions through to Dec. 31 and distribute settlements to cases of death and physical injury stemming from the defect.
The fund could receive a wave of several hundred claims in just the few days, according to preliminary estimates compiled by Reuters.
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