General Motors says it will not put a ceiling on the total dollar amount it will pay out for auto accident victims related to the automaker's ignition switch defect. Kenneth Feinberg, who GM hired two months ago to administer the compensation claims, says the plan will be entirely voluntary and will extend not only to drivers but also to passengers and even pedestrians injured as a result of an auto accident related to the defect. Feinberg says all claims must be submitted no later than December 31, 2014 and payouts to victims will occur as quickly as possible. The payout benchmarks will be determined by data from the U.S. Bureau of Labor Statistics. TheStreet's Ruben Ramirez reports from New York.