GM issues recall for faulty ignition switches

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GM has issued a recall for faulty ignition switches.

The new recalled models include the Chevy Malibu, the Pontiac Grand Prix and the Cadillac CTS.

The recall covers more than 7 million cars.

It comes as GM announced plans to compensate accident victims of its first ignition switch recall.

The company is expecting thousands of claims with compensation starting at $1 million for families of those who died.