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Feinberg Says Claims Against BP Could Go Beyond $20B


Posted on 26 Jul 2010

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Keneth Feinberg, in charge of the BP's $20 billion fund, which was set up to help compensate victims of the devastating Gulf of Mexico spill, says that the fund does not prevent future lawsuits against the company that exceed that amount.

Kenneth Feinberg, who also oversaw the U.S. bank bailout fund known as TARP, told reporters at a news conference that the BP fund did not represent a cap on legal actions against the firm.

"The notion that the fund is there simply to insulate BP from lawsuits I think is very unfair," Feinberg said. "There will be an opportunity at some point for an eligible claimant to decide to take subsequent funds in return for releasing BP from suit."


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