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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