[Update 8-21-2010] The most current information on this topic as of 8-21-2010 can be found at:
[Update 8-3-2010.] Kenneth Feinberg, administrator of the $20 billion BP claims fund, is expected to begin processing claims August 23, 2010. Pro Publica reported today that BP has stopped processing some claims, leaving them to be handled by Feinberg’s office. [End update.]
Information about the $20 billion BP claims fund has been leaking out each day since the it was announced, but what do you need to know if you have lost money due to the Deepwater Horizon disaster? The flow of information about the escrow fund has been much slower than the oil gushing from the Deepwater Horizon oil leak. In fact, it’s still hard to get a handle on exactly which losses will be paid, and how much people can expect to receive. Although Kenneth Feinberg, the new BP claims administrator, has been holding meetings to explain the new process, information has sometimes seemed to change from one meeting to another.
[click to continue…]
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by Michael J. Evans on June 16, 2010
in BP Claims
Oil Spill Claims: BP to set up $20 Billion Escrow Fund
The oil spill claims process may improve after the announcement today that British Petroleum will deposit $20 billion into an escrow fund to pay people who have been financially damaged by the Gulf oil spill. The $20 billion escrow fund was announced after BP Chairman Carl-Henric Svanberg, CEO Tony Hayward, and other company executives met with President Obama and members of the administration. The White House blog gives an account of the meeting. The oil spill claims fund will be administered by attorney Kenneth Feinberg, who was administrator of the fund to pay victims of the 9/11 terrorist attacks. Claimants are not required to file oil spill claims with Feinberg’s escrow fund; the existing oil spill claims procedure is still available. The $20 billion escrow fund simply adds another, possibly fairer, way of obtaining compensation. [click to continue…]
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Oil Spill Claims:
Update June 5, 2009: BP has announced that it will begin paying a second month of lost income claims.
Articles:
Louisiana to BP: Show me the money. (CNN-June 5, 2010)
BP says it will pay “legitimate” claims “for as long as it takes.” (AFP June 5, 2010)
BP refuses to give state of Louisiana access to database of payments. (TheAdvertiser.com June 4, 2010)
Original article: British Petroleum has made public announcements that they are paying claims, and I have seen them publicly announce that they have paid several thousand. I may have missed it, but I have not seen BP talk about the average amount of the claims they are paying. That’s understandable, because we now know it is paying very little. According to Alabama Attorney General Troy King, The company has spent about $600,000 to pay 2,000 claims in Alabama. That’s about $300 per claim. In Florida, the company has made about 1,461 payments in Florida totaling $442,000. Average payout: $302.53. [click to continue…]
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In a private meeting with Florida Sen. Bill Nelson, BP CEO Tony Hayward refused to commit to pay all damages from Deepwater Horizon oil spill, according to a New York Times article. Nelson and Hayward met at Hayward’s request in Nelson’s Senate office. After the meeting, they both addressed the media. Hayward, speaking first, said that the $75 million damage cap contained in the Oil Pollution Act (OPA) would “inevitably be exceeded.” Hayward then said “All legitimate claims will be paid.” When asked by a television reporter to clarify his statement, Hayward walked away without explanation. Nelson then disclosed that Hayward had refused, in their private meeting, to commit to paying all damages caused by BP’s oil spill. “When I said ‘Will you be responsible for the economic damages?’ he said, “That’s something we’ll have to work out in the future,’” Nelson said. [click to continue…]
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