Talk of a compensation fund for victims of Takata Corp.’s faulty air bags might not carry the same allure as General Motors Co.’s plan to address ignition-switch defects, plaintiffs lawyers said.

A defect in its air bags linked to eight deaths prompted Takata in May to recall nearly 34 million vehicles from 11 automakers. During a June 23 hearing before the Senate Committee on Commerce, Science and Transportation, U.S. Sen. Richard Blumenthal, D-Connecticut, asked a top Takata executive to set up a victim compensation fund.

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