General Motors estimates it will need at least $400 million dollars to compensate victims of an ignition switch defect and this amount could rise by an additional $200 million depending on the number of people who actually file claims. The victims fund will be administered by an outside official.
So far in 2014 GM has announced 60 recalls affecting 29 million cars and over 17 million of these are specifically for ignition switch defects that GM knew about for over a decade and chose to ignore. 13 people lost their lives as a result of these defects according to GM and that number rises when you ask other sources that know the inside story. Some wonder why it has taken so long to uncover these issues and as a personal injury attorney I wonder the same thing.
People in the media speak freely about the "Litigation Crisis" in America. General Motors is estimated to have a $1.4 Billion dollar operating profit for the past quarter and still proactively decided to ignore a problem that they knew was injuring and killing people. Often times when a company has caused something horrific they will pay the victim and demand that the settlement be confidential. When you have that happen the problem gets swept under the rug and the company doesn't even bother to repair it. Do you remember the 1972 Ford Pinto and the gas tanks that were exploding? Sort of rings a bell with most people. Somewhere a "Greedy Personal Injury Attorney" took on Ford Motor Company, fought hard, spent a lot of money, won a lot of money and most importantly they SAVED A LOT OF LIVES! Getting paid for your work is great, saving a life is even better.
Fighting a Billion Dollar Corporation is difficult at best and almost impossible without help. This includes everything from automobile manufacturers to insurance companies. At Guenard & Bozarth with have the resources and experience you need to get your day in court. Call us at 888-809-1075 or visit www.gblegal.com We Can Help.