Kenneth Feinberg, who will be administering the BP (NYSE:BP) compensation fund, said those who are economically affected by the oil spill would do better if they went the route of filing claims rather than a lawsuit.
According to Feinberg, when talking to potential claimants in Florida, the fund would not only be a faster way to get paid, but one which would pay more than legal action would.
“You will get quicker more generous treatment than if you file a lawsuit,” said Feinberg.
One thing everyone needs to consider is if you do accept payment from the fund, there is no longer any option to sue BP, as to receive the payment claimants will have to waive the right to legal action.
Feinberg explained, “If you want full and final payment for all prospective loss ... come in, file a claim, and if you accept the check that is offered, then you waive the right to sue BP. Your choice – 100 per cent your choice.”
Individuals who qualify will be able to receive a check with 24 hours of filing a claim, while businesses will be compensated within a week of filing their claim.
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