News is surprisingly circulating today about the idea oil companies directly related to the Gulf oil spill: BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL) and Cameron International (NYSE:CAM) will be exempt from lawsuits for those who accept payment for claims made against the companies via the BP compensation fund.
Why it's surprising is fund administrator Kenneth Feinberg has been saying this for a long time, and there's absolutely nothing new about it.
Obviously people aren't going to get paid compensation by BP through the fund and then be allowed to turn around and sue them for compensation. That wouldn't make any sense.
The fund is set up to bypass what usually can turn into years of litigation, which, in many cases, could end up with judgements going against them, or appeals being filed, etc.
Waiving the right to sue will be put into place only if the claimant accepts the final decision of Feinberg and his team.
BP will supply the fund with $20 billion over a four-year period.
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