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June 30, 2014

GM Compensation Plan to Be Announced Today; CEO Says ‘No Cap on Payments’

Kenneth Feinberg, who was hired by General Motors to direct the compensation plan for “victims of crashes caused by bad ignition switches,” will announce the details of that plan today. According to GM CEO Mary Barra, there will be no cap on payments, and GM “won’t have any say in Feinberg’s awards.”

According to the Seattle Times, Barra said that Feinberg. “will have complete independence.”

Barra told the Today Show late last week, “We want every single person who either lost or had a serious physical injury to be a part of [our compensation program] because we want to do the right thing.”

According to the New York Times, the proposed compensation plan is not slowing down separate investigations from a variety of federal entities.

“The United States attorney’s office in Manhattan is overseeing the criminal investigation with the F.B.I., and several state attorneys general and the Securities and Exchange Commission have opened their own inquiries,” reports the Times.

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