July 11th, 2010
01:03 PM ET
13 years ago

Feinberg lays out plan for $20 billion BP claims fund

Washington (CNN) – The man charged with independently administering the $20 billion fund set up to compensate for damage caused by the Gulf oil disaster said Sunday that he is prepared to provide up to six months in emergency compensation without the requirement of releasing BP from liability.

In an appearance on CNN’s State of the Union, attorney Kenneth Feinberg said he expected to have his independent compensation program running by the first week of August. Feinberg told CNN Chief Political Correspondent Candy Crowley that his operation will be superimposed on top of the claims process already put in place by BP, which has more than 1,000 people working out of 35 offices in the Gulf Coast region.

“We’ll keep the people who are good. We’ll add people. We’ll accelerate claims. We’ll process the claims as quickly as we can,” Feinberg said. “We’re already prepared to give eligible claimants not one month emergency payments but six months with no obligation, no release required. Just to try and help people in the Gulf.”

Feinberg described the six-month payouts as providing “some degree of additional financial certainty” for the many individuals and businesses facing the economic havoc caused by the disaster. But Feinberg added that claimants can ask for less than six months in compensation if they so choose.

The well-known attorney, who administered the multi-billion-dollar 9/11 victims’ compensation fund and who set salaries for the top executives at banks recently bailed out by the federal government, also provided an overview of how he sees the claims process.

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Filed under: BP • Kenneth Feinberg • Oil spill • State of the Union
soundoff (3 Responses)
  1. Keith in Austin

    Is it possible for the $20 billion dollars actually going to the people needing it?

    Somehow, we all know that the Federal Government and Obama Democraps will get their piece of the pie first! Just wait and see folks

    July 11, 2010 01:52 pm at 1:52 pm |
  2. Augsbee

    I doubt the $20 billion will be enough. We need another Telethon to help all these people out, a little bit from all of us is better than nothing.

    July 11, 2010 02:00 pm at 2:00 pm |
  3. marxist dogs are out of control

    Mr. Obama and his minions will get their share of this 20 billion. Just watch. Thieves and thugs they are. To their god rotten soul.

    July 11, 2010 02:25 pm at 2:25 pm |