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 – May 28, 2010
Oil spill claims filed by residents of the Gulf Coast have left most people disappointed in their attempts to get British Petroleum to pay their legitimate claims for loss of income. Although BP is accepting and paying some oil spill claims (Coast Guard information on filing claims with BP here), it is paying too little, too late. It’s also failing to give people and businesses information about how much they will be paid, and when they will be paid, in the future. If BP acts the way Exxon did with the Valdez incident, it will be necessary for many Gulf Coast residents and businesses to file lawsuits in order to be treated fairly. [click to continue…]
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