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Feinberg Strikes Deals to Settle Oil Spill Claims

Tuesday, 28 Dec 2010 06:42 PM

 

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HOUSTON (Reuters) - The administrator of BP Plc's $20 billion compensation fund has paid $43 million to residents of the U.S Gulf Coast who agree not to sue the company for damages stemming from the nation's worst offshore oil spill.

The spill closed commercial and recreational fishing waters, hurt tourism and shut down deepwater drilling, causing job and income loss for those industries that are critical to the region's livelihood.

Fund administrator Kenneth Feinberg announced a "quick pay" option on Dec. 13 for those who are satisfied with the emergency compensation they have received from the Gulf Coast Claims Facility.

In that process, people receive a final lump-sum payment of $5,000 and businesses receive $25,000, and forfeit the right to pursue additional claims against BP.

The "quick pay" option has come under criticism from lawyers and politicians. In a Dec. 16 statement, the attorneys general of Mississippi and other Gulf Coast states urged people to carefully evaluate any final claim offers from the GCCF, citing the uncertain nature of future damages.

Apart from the "quick pay" option, residents have the option to file for interim payments and final payments.

To date, the GCCF has paid $2.6 billion in claims to 467,889 claimants. Only one final claim of $10 million has been paid to a business, but most payments have been for emergency compensation for lost earnings and profits.

Feinberg, whose salary BP pays, has hired lawyers from firms in Mississippi, Florida and Louisiana to work in Gulf claims offices and assist residents, the GCCF said Tuesday. (Reporting by Anna Driver. Editing by Robert MacMillan)

© 2014 Thomson/Reuters. All rights reserved.

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