$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.
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Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
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For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.