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Final Payments for BP Claims from $20B Fund to be Processed

Posted on 24 Nov 2010

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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.