Parsing BP’s $20B Compensation Fund

From the WSJ Law Blog

BP, as we previously noted, agreed to set aside $20 billion dollars to compensate oil-spill victims. It’s a staggering amount made all the more so by the fact that the compensation fund doesn’t preclude states and individuals from pressing their claims in court.

Obama specifically declined to agree that the $20B would act as a cap on British Petroleum’s damages. (Here are reports from NYT and WSJ about the escrow fund.)

Victims, according to WSJ, must first seek compensation from the fund, which is administered by Ken Feinberg. If they are unhappy with their allotted compensation, claimants can appeal to a three-judge panel.

But, if they are still dissatisfied after an appeal, they can head to court. BP, meanwhile, can appeal Feinberg’s decisions only when he grants a claimant more than $500,000.

The company also set aside $100 million to compensate workers left jobless because of the administration’s drilling moratorium.

Read the Entire Article here

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About defensebaseactcomp

Injured Contractors and Family members of those killed fighting for the benefits denied by insurance companies AIG, CNA, ACE their attorneys and the US Department of Labor
This entry was posted in Deepwater Horizon, Lawsuits, Political Watch, Workers Compensation and tagged , , , . Bookmark the permalink.

One Response to Parsing BP’s $20B Compensation Fund

  1. ukbettcentral says:

    Great story! Lots of work went into this one. I appreciate that. I see so many story with little content. Come check out my story and let know what you think…?

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