$20 billion oil fund to begin payments in August
Headline News
The $20 billion that BP has set aside to pay for losses caused by the Gulf of Mexico oil spill will start making payments in early August.
Ken Feinberg, who is in charge of paying individuals and businesses for lost income, told a meeting of government officials in Louisiana on Thursday that he expected a seamless transition from BP management to his administration.
"My goal is to improve that system," Feinberg said. "I'm determined to come up with a system that is more beneficial to the people using it."
BP currently has 35 offices in the Gulf Coast area accepting claims. The oil company will turn the entire operation over to Feinberg and not be involved in any of the claims against the $20 billion fund, except to supply more money if it's needed, Feinberg said.
The offices will be open for three years, and claims can be filed at any time, he said. Once filed, they must be paid within 90 days, Feinberg said.
The fund has not been tapped yet, but Feinberg said by the end of the first week of August his group would be ready to make payments.
There are still some issues to settle, Feinberg said. One of them is how much transparency the fund should have. Data from the program will be available, but there is still debate on providing names of people applying.
Related listings
-
Law firm offering reward for finding killer of UT student
Headline News 07/15/2010A local law firm is now offering a reward for information that leads to the capture of the person who shot and killed University of Tampa student Ryan McCall last August.McCall and a friend were walking near the campus when a man robbed and shot them...
-
Judicial Vacancies Slow the Wheels of Justice
Headline News 07/12/2010As the Senate prepares to vote on whether Elena Kagan should fill the vacancy on the U.S. Supreme Court, there remain a substantial number of other vacancies in the nation’s lower federal courts that urgently need filling. Currently, there are about ...
-
$500K donated to Ariz. to defend law
Headline News 07/09/2010Retirees and other residents from all over the country were among those who donated nearly $500,000 to help Arizona defend its immigration enforcement law, with most chipping in $100 or less, according to an analysis of documents obtained Thursday by...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.