As the number of GM recall lawsuits increases quickly across the country, many plaintiffs may want to consider an auto recall settlement loan to help them cover bills today until they receive compensation from the car maker tomorrow.

The death toll from the GM recall is thought to be in the hundreds and injuries possibly in the thousands. Victims of the faulty ignition problems associated with GM vehicles are filing lawsuits to recoup damages for medical bills, lost wages, pain and suffering, funeral costs, and other financial losses.

GM recall lawsuit loan is no-risk for plaintiffs

The plaintiffs who have filed car recall cases against GM are thought to have a strong likelihood of receiving a substantial verdict or settlement, but litigation can be a long process; it may be months or years before these cases are finally resolved. This can leave litigants in strained financial circumstances, which may result in some being tempted to settle early for less than their claims are worth.

However, there is way for plaintiffs to receive a cash advance today without having to worry about repaying the loan until after they receive their settlement monies. LawStreet Capital offers non-recourse loans to approved plaintiffs. “Non-recourse” means that if you lose their case and get nothing from GM, you don’t owe LawStreet Capital a dime.

As an industry leader in legal loans, we  assume all the risk, while you can gain the financial foothold you need to hold out for the maximum recovery owed to you.

GM faces a variety of lawsuits

The recall set both civil and criminal legal processes in motion. Faulty ignition switches on certain GM automobiles have been found to turn the car off when jostled, even when going at high speeds. When the ignition turns off, the airbags do not function and when airbags do not deploy during an accident, the likelihood of serious injuries and death increase substantially. Reportedly, GM has admitted knowing about the bad switches since 2005.

A San Francisco lawsuit alleges “since at least 2005, GM has known that simply replacing the ignition switches on the defective vehicles is not a solution for the potential for the key to inadvertently turn from the ‘run” to the “accessory/off” position in these vehicles.”

Vehicles listed on the current recall include the 2005 to 2007 Chevy Cobalt, the 2006 to 2007 HHR, the 2006 to 2007 Pontiac Solstice, the 2007 Pontiac G5, the 2003 to 2007 Saturn Ion, and the 2007 Saturn Sky. The recall was issued in February 2014 and includes over 1.6 million vehicles sold to consumers.

According to some media sources, the U.S. Attorney’s office in New York has begun a criminal investigation against GM for their actions or inactions leading up to the recall.

Indiana Channel 13 News reported, “Allegations of a cover-up and calls for criminal charges are the latest fallout following General Motors’ massive recall.”

Another lawsuit relating to the recall was filed in Detroit federal court and seeks to represent all stockholders who purchased GM stock from November 2010 through March 2014. The suit seeks class action status, alleging that General Motor’s actions were “illegal and immoral” and caused shareholders to lose billions of dollars collectively.

Complicating matters is GM’s recent bankruptcy, which split GM into two companies – Old GM and New GM. According to the bankruptcy restructuring agreement, lawsuits against GM must be filed against the Old GM, which set aside assets for legal liabilities. However, the current set of lawsuits against the company is seeking to bypass the agreement and sue the New GM, alleging they knew about the defect and possibility of suits when they negotiated the restructure.

Law offices around the country are trying to position themselves to help claimants affected by the faulty ignition switch. One law firm reported receiving over 200 calls since the recall was announced. It is anticipated that hundreds of deaths and serious injuries have resulted due to the ignition problems with the affected vehicles.

 An auto recall settlement loan may be right for you

If you or a loved one has been in an accident while operating one of the vehicles listed in the recall, you may want to consider a pre-settlement loan from LawStreet Capital. The application is free. You do not pay back the loan until you are paid as part of a settlement or a verdict. If no settlement is reached and you lose your case, you do not pay anything.

Our customer service representatives are ready to answer any of your questions any time, night or day. Call toll free at 1-866-FUND-662.

Resources:

1. Reuters – California lawsuit claims more GM vehicles faulty than in recall, http://www.reuters.com/article/2014/03/26/us-gm-recall-lawsuit-idUSBREA2P00V20140326
2. Reuters – GM must pay for pre-bankruptcy ignition deception: lawsuit, http://www.reuters.com/article/2014/03/19/us-gm-recall-lawsuit-idUSBREA2I27520140319
3. USA Today – Suit alleges second ignition defect in GM recall, http://www.usatoday.com/story/money/cars/2014/03/24/gm-switches-lawsuit/6838203/
4. Indiana Channel 13 News – New allegations made in GM recall investigation, http://www.wthr.com/story/25146879/2014/04/02/new-allegations-made-in-gm-recall-investigation