BP Agreement to Pay $7.8B to Individuals and Businesses is Now Under New Payment Program

Posted in BP British Petroleum,Deepwater Horizon,Government,Gulf Coast,Halliburton,Louisiana Maritime News,Maritime Accidents,Maritime Law,Maritime Lawsuits,World Maritime News on March 8, 2012

NEW ORLEANS, La. – Kenneth Feinberg, the man who was in charge of the BP $20B Gulf oil spill fund, has been relieved of his duties and replaced by a new administrator.

Oil giant, BP, settles lawsuit. Photo credit: Steve Parsons/PA Wire

U.S. District Judge Carl Barbier has ordered the set up of a new process to let more people and businesses collect some of their money immediately. The order follows the March 2 BP agreement to pay $7.8 billion to individuals and businesses affected by the Deepwater Horizon Gulf oil spill of 2010.

According to Thursday’s order, claimants with final offers from Feinberg can recover 60 percent of their money immediately. If they are deemed eligible under the new program, then they may receive the remaining 40 percent or wait for new awards, which may be higher but take months to determine.

The March 2 settlement is not the end to BP’s woes. They still face claims by the U.S. Department of Justice, Gulf Coast states, and its drilling partners Transocean Ltd and Halliburton Co over the spill. Federal claims alone for Clean Water Act and other violations could well exceed sums paid to individuals and businesses.

The case is In re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010, U.S. District Court, Eastern District of Louisiana, No. 10-md-02179.

Source:  Huffington Post

Maritime attorneys, Gordon & Elias, L.L.P. work with Jones Act clients all along the Gulf Coast and throughout the nation. We are the leading offshore injury law firm representing victims of the BP, Transocean Deepwater Horizon disaster, along with assisting businesses that were damaged by the impact of the Gulf oil spill.

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