Posted on behalf of Stephens, Anderson & Cummings on Oct 02, 2014 in Product Liability
General Motors Co. (GM) CEO Mary Barra announced at an investor conference Wednesday that the parts meant to replace defective ignition switches in 2.6 million recalled small car have been built.
Barra says GMs parts supplier completed the task several days ahead of schedule, allowing the company to hit its completion goal of early October.
The company has repaired approximately 1.1 million vehicles thus far and claims it is contacting owners to make the outstanding repairs. Regarding the 23 deaths associated with GMs faulty ignition switches, Barra says the company anticipates a settlement payout of between $400 and $600 million through its compensation fund.
Barra explained that the company will try to recoup some of its lost profits through new and reworked models, as well as sales in China; GM expects a 27 percent of its sales to come through these channels. Barra would not divulge further information on any new models.
If you or a loved one was injured because of a defective GM part, learn your legal rights by contact Stephens, Anderson & Cummings today. Our GM recall lawyers can help you determine whether you have a valid claim for compensation.
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