BP agreed to supply $20 billion to a claims fund in order to compensate individuals and businesses in the Gulf affected by the Deepwater Horizon disaster. The lawyer and mediator in charge of the commission, Ken Feinberg, was previously in charge of the 9/11 fund. BP chairman Carl-Henrik Svanberg and the Obama administration reached an agreement whereby Feinberg will run the claims facility independently of the oil corporation. This way, the commission could make payments much more quickly, potentially in the next couple of weeks, according to Feinberg.
Feinberg also stated that the commission would “consider allowing online filings” for damages, which would greatly expedite the process, as well as lump sum payments for emergency situations. There are a variety of claims available: victims can draw from the emergency fund and retain their right to litigate, or draw from the compensation fund and give up that right. People whose claims are rejected can appeal to a three-person panel. Repaying all the claims could take decades, especially considering the unknown longterm effects of the spill, but for now many agree this commission is a step towards speeding up the process of compensating damages caused by the spill. Gulf residents have already asked for over $600 million. The BP fund is intended to grow at $5 billion a year over four years to allow for cash flow; the company intends to raise money by selling assets and reducing spending.
If you need to file a claim or find a lawyer in your state to help you receive compensation, you can Find a Lawyer through RocketLawyer.com.
Come Join us at Article 3
What Role Should States Play in Immigration Policy?
Episode 63: When Will We Be Voting Online?
Can Online Voting Become the Norm, Democratizing the Election Process?
