GM's payout formula for the dead: $1 million and up

The New York Times reports that General Motors has announced an initial plan to compensate the families of victims killed in crashes caused by defective ignition switches.
 
Kenneth Feinberg, a compensation expert hired by the automaker, created the formula that determines families should receive at least $1 million.
 
The compensation will also include a calculation of lost lifetime earnings and an additional $300,000 for a spouse and each dependent. Victims with life-altering injuries could receive substantially more, the report states.

Read more from the New York Times.