GM Unveils Plan To Compensate Victims Of Faulty Ignition Switch.

General Motors Co.

unveiled a plan to compensate people hurt in crashes involving GM cars with faulty ignition switches. The company will pay between $20,000 to "several million dollars" to bona fide victims under the program, according to the Wall Street Journal. At least 54 crashes and 13 deaths have been attributed by GM to the problem, although hundreds of claims are expected. GM has recalled 2.6 million cars because of the ignition switches, according to the Associated Press. No ultimate cost estimate for the program was provided by the company. But Chief Executive Mary Barra told a Congressional hearing earlier this month there will be no cap on payments. A central condition for payment is that claimants prove their vehicle's air bags failed to inflate. The switches can disable airbag deployment. GM earlier hired compensation expert Kenneth Feinberg to formulate the plan unveiled today in Washington. Those accepting the payments give up their right to sue GM. General Motors traded recently at $36.53, of 0.26 percent.