BP agrees $20 billion spill claims fund - not a cap

[Pathfinder]

Re: BP agrees $20 billion spill claims fund - not a cap

BP claims process enters new, uncertain phase

By Moira Herbst
NEW YORK | Thu Feb 10, 2011 8:20am EST

NEW YORK Feb 10 (Reuters Legal) - Kenneth Feinberg, the formerly freewheeling administrator of BP Plc's fund to compensate victims of last year's oil spill, could be forced to revamp dramatically how he handles claims now that the fund has come under the jurisdiction of a federal judge in New Orleans.

A ruling last week by U.S. District Judge Carl Barbier that Feinberg stop telling potential claimants that he is "completely independent" of BP brings Feinberg and the fund -- created in the wake of the largest oil spill in U.S. history -- under judicial oversight for the first time.

Beyond the immediate directive about how the fund describes itself, Barbier's decision also opens the door for more changes to how the fund operates, according to experts in mass torts and legal ethics. Specifically, it could lead to the renegotiation or undoing of settled claims, ongoing court intervention in the fund's operations, and more claimants seeking legal representation.

Read more:
http://www.reuters.com/article/2011/02/10/us-oilspill-feinberg-idUSTRE71933X20110210

 

[Pathfinder]

Re: BP agrees $20 billion spill claims fund - not a cap

BP increases monthly fee for claims czar Kenneth Feinberg's law firm to $1.25 million

Published: Friday, March 25, 2011, 7:30 PM

By The Associated Press The Times-Picayune


Documents provided by the administrator of BP's claims fund for Gulf of Mexico oil spill victims show the oil giant agreed to increase his law firm's monthly compensation from $850,000 to $1.25 million.

The documents furnished Friday to The Associated Press include a letter from former U.S. Attorney General Michael Mukasey to claims czar Kenneth Feinberg. Mukasey stated his belief that the extra money was warranted because Feinberg's duties had grown. Mukasey was asked by Feinberg to weigh in on how reasonable his compensation was.

The pay hike, detailed in a Tuesday letter from Mukasey to Feinberg, is retroactive to Jan. 15 and runs through the end of 2011.

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http://www.nola.com/news/gulf-oil-spill/index.ssf/2011/03/bp_increases_monthly_fee_for_c.html

 

[Emily]

Re: BP agrees $20 billion spill claims fund - not a cap

Had to read that a couple of times before I could believe my eyes!

BP increases monthly fee for claims czar Kenneth Feinberg's law firm to $1.25 million

 

[Pathfinder]

Re: BP agrees $20 billion spill claims fund - not a cap

Feinberg says no claims filed on cleanup illnesses

<TABLE><TBODY><TR vAlign=top><TD>Last Update: 4:00 pm </TD></TR></TBODY></TABLE>

BATON ROUGE, La. (AP) - The attorney overseeing the payments from a $20 billion compensation fund for victims of the oil spill says he hasn't seen any claims filed suggesting that the spill cleanup has caused medical illnesses.
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Feinberg says such claims, if health problems can be proven, might not show up for years - including after his office shuts down in 2013. He encouraged lawmakers to talk to federal officials and BP about ways to continue the claims process after his office disappears.

Full text:
http://www.fox8live.com/news/local/...llnesses/3o4Jbfyqt0qP_ESE8OldwA.cspx?rss=2085

 

[Pathfinder]

Re: BP agrees $20 billion spill claims fund - not a cap

BP Oil-Spill Victims Accuse Claims Fund of ?Coercive Tactics? in Payouts

<CITE class=byline>By Margaret Cronin Fisk and Laurel Brubaker Calkins -<SCRIPT type=text/javascript>document.write(dateFormat(new Date(1311618472000),"mmm d, yyyy h:MM TT Z"));</SCRIPT> Jul 25, 2011 1:27 PM CT <NOSCRIPT></NOSCRIPT></CITE>

BP Plc is using ?coercive tactics? to force victims of the 2010 Gulf of Mexico oil spill to agree to final settlements with its claims fund, lawyers suing the company said.

BP set up the $20 billion Gulf Coast Claims Facility to pay emergency, interim and final payments to the victims under the provisions of the U.S. Oil Pollution Act. Lawyers for property owners, businesses and others claiming harm say victims have been forced to sign releases for inadequate payments because they could no longer afford to wait for full compensation.

A federal judge should appoint a special master to oversee the process, the lawyers said in papers filed today in federal court in New Orleans. They also asked U.S. District Judge Carl Barbier, who is overseeing the litigation, to ?suspend the effectiveness? of any releases signed by spill victims who received money from the fund.

?BP has failed to comply with the letter and spirit of OPA, a law designed to provide an interim claims process,? according to the filing. The primary function of the claims process has been to convince victims ?that the only compensation available is a minimal set amount that comes with a full release attached,? the lawyers said.

More...
http://www.bloomberg.com/news/2011-...lution-law-in-claims-process-lawyers-say.html

 

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Re: BP agrees $20 billion spill claims fund - not a cap

BP oil spill fund: $5 billion in claims paid out

By Catherine Clifford August 23, 2011: 12:24 PM ET

NEW YORK (CNNMoney) -- The fund to compensate Gulf Coast businesses and residents for damages from last year's BP oil spill says it has paid out $5 billion of the $20 billion set aside for recovery.

The Gulf Coast Claims Facility, which took over the claims process from BP (BP) in August 2010, has approved 38% of the 947,892 claims submitted, according to an executive summary it released Tuesday.
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Full text and video:
http://money.cnn.com/2011/08/23/smallbusiness/BP_oil_spill_claims/