Administrator of the BP (NYSE:BP) compensation fund, Kenneth Feinberg, received a standing ovation from a convention or Realtors on Sunday, as he reiterated his reversal on allowing the compensation fund to be used to pay those legitimately hurt from the oil spill.
Feinberg has been blasted by many who believe they are being short-changed from the fund, but there have been so many illegitimate claims, and claims made which don't include proof of anything, that Feinberg has found it difficult to go through the massive amount of material he has to in order to make a decision and pay out legitimate claims.
For the Realtors, Feinberg has set aside $60 million of the $20 billion committed for the fund to pay out temporary claims to them.
That means those Realtors believing they are owed more in damages from BP will be able to pursue lawsuits if they feel they can win the cases.
Feinberg has given his opinion in the matter that they will have a hard time winning these types of cases, but at least they're getting some compensation short term and will have some relief in these difficult times.
Realtors were actually damaged more from the Obama moratorium in the Gulf than they were from the oil spill, and Feinberg said there's nothing he can do to alleviate the fallout from that.
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