GM Marks $400M For Ignition-Switch Victim Fund

Law360, New York (July 24, 2014, 12:30 PM EDT) -- General Motors Co. expects to set aside at least $400 million for its compensation fund for death and injury victims of accidents arising from faulty ignition switches, the automaker disclosed in its second-quarter earnings report Thursday.

GM CEO Mary Barra and settlement administrator Ken Feinberg emphasized to lawmakers last week that the settlement is uncapped, and the company had not given an estimate for how much it expects to shell out for the fund until Thursday. GM also said that it has spent $1.2 billion in the second quarter on recall-related repairs and that it expects to spend roughly $874 million...

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