Thursday, July 1, 2010

Feinberg Will Offer Lump Sum to Claimants Sometime in BP (NYSE:BP) Escrow Fund Process

Kenneth Feinberg, the administrator of the $20 billion escrow fund of BP (NYSE:BP), said recently that he will eventually offer claimants a lump sum in return for a waiver which would not allow them to sue BP over the Gulf oil spill.

Feinberg said, "If they don't like it, they can reject the lump sum," and go to court.

"If you think there are going to be birth defects or cancer in the future, then don't take the check, don't sign the waiver."

Considering the time factor and how long this will play out, it would be better for many claimants to take the money and run, as they may never see it in their lifetimes, depending on their age and the circumstances specific to their claim.

1 comment:

Anonymous said...

It seems BP will be compensating not only for their mistakes but the American companies that have a share in the well also rebuilding the coast which has only recovered 25% from Katrina not a bad deal for the US is it.
These claims need to be investigated fully as some of these business's have stated they are losing millions and then when interviewed they are saying that their business's never recovered from Katrina and they are only 25% of pre Katrina.
They need to fully prove their losses and if fraud is found then they lose all the claim and pay costs,this may weed out all false claimants.