BP Argues Most Gulf Oil Spill Victims Should Not Receive Any More Payouts

Posted in BP British Petroleum,Deepwater Horizon,Environment,Florida Maritime News,Government,Gulf Coast,Jones Act,Louisiana Maritime News,Maritime Law,Maritime Lawsuits,Mississippi Maritime News,World Maritime News on July 12, 2011

NEW ORLEANS, La —  BP Oil Company filed a 29 page document with the Gulf Coast Claims Facility on Friday, July 8, arguing that most Gulf Oil Spill victims should not receive anymore payouts for future losses.

The oil company’s argument is that the hardest-hit areas are recovering and the economy is growing.

The company says the fund should end payments for future losses to everyone, except in limited cases for oyster harvesters.

BP states that Ken Feinberg’s formula for determining final payments artificially inflates future expected losses.

Source: Huffington Post

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