Posted on 24 Nov 2010
Kenneth Feinberg, the administrator of the $20-billion fund created by BP Plc to compensate Gulf of Mexico oil spill victims announced plans on Wednesday for processing final payments.
In a news release Feinberg stated that claimants have a choice, a lump sum final payment for which they would release BP from liability or continued emergency payments in hopes of a bigger final payment in the future.
"However, there is no guarantee that, in the future, a lump sum final payment will be as generous as it will be currently," Feinberg said.
The announcement by the Gulf Coast Claims Facility was accompanied by a detailed protocol for handling final payments to individuals and businesses such as fishermen and coastal hotels and restaurants.