Thursday, September 16, 2010

BP (NYSE:BP), Transocean (NYSE:RIG), Cameron (NYSE:CAM) Want Judge to Require Claimants to Go Through Fund First

As pressure to begin lawsuits against companies involved with the Gulf of Mexico oil spill like BP (NYSE:BP), Transocean Ltd. (NYSE:RIG), Cameron International Corp. (NYSE:CAM) mounts, the companies are seeking to have Judge Carl Barbier, who is overseeing the cases, require almost all of them first go through the process of seeing if the qualify to be paid from the compensation fund set up by BP and administered by Kenneth Feinberg.

Even though it seems slow at this time receiving money from the funds, the idea is it would still be much quicker than using lawsuits, and it would probably pay more when considered the approximate 30 percent lawyers get for whatever judgements they win.

The only downside is if claimants don't qualify, which they will have then put off beginning legal proceedings for months.

Either way, the trials will take time, and it seems worth the attempt to see if they qualify for compensation funds, especially for those making claims who live near the Gulf coast, who are getting the priority treatment from the fund as far as who qualifies.

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