Nevertheless, GM shares were flat following the announcement. The stock rose 0.1% to $36.66.
Feinberg, whom GM selected to oversee a compensation plan that experts suggested could distribute a billion dollars or more, spoke at a press conference at the National Press Club in Washington. He declined to estimate the cost to GM.
"GM has basically said whatever it costs to pay any eligible claims under the protocol they will pay it," Feinberg said, according to The Associated Press. He noted that GM will not know the total amount of the claims until May 2015.
Feinberg said he was not considering whether alcohol, speeding or the absence of seat belts contributed to a crash, noting, "We have no interest in evaluating any alleged contributory negligence on the part of the driver." However, he said payment would be limited to people injured in crashes caused by the ignition switches.
GM has acknowledged that faulty ignition switches contributed to 13 deaths, and it has recalled 2.6 million cars this year to replace the switches, which could unexpectedly shut off the engine, eliminating power steering and braking capability. Also, the lack of power means air bags wouldn't inflate.
Feinberg, who oversaw the distribution of a $7 billion government fund to victims of the Sept. 11, 2001, terrorist attacks, said he would use a similar methodology to determine claims based on age, earnings potential and extent of injuries.