With the day soon approaching where the BP (NYSE:BP) escrow fund, administered by Kenneth Feinberg, is about to launch, the oil giant is poised to step down from processing claims so there's no overlap, redundancy and confusion over claims being awarded or denied.
Claims processing for damages related to the Gulf oil spill will start on August 23 for the compensation fund, and BP will be stopping all processing after Wednesday, August 18.
The newly operating processing center will deal with individuals and businesses, not the variety of government claims which will be and are being made. Government claims will continue to be processed by BP.
So far BP say it has paid out approximately $368 million in claims.
The Gulf Coast Claims Facility, will be filled by BP with $5 billion annually for a period of four years, topping off at $20 billion.
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