Feinberg Says Half of $20 Billion BP Fund Should Cover Claims
Kenneth Feinberg, the lawyer paying victims of BP Plc’s Gulf of Mexico oil spill, said he anticipates about half the $20 billion fund set up by the company should be adequate to cover claims for economic losses.
Feinberg said on Bloomberg Television yesterday that it is too early to project how much of the fund will be needed to pay individuals and businesses. He said $10 billion may be enough to compensate victims. “It remains to be seen, but I would hope that half that money would be more than enough to pay all the claims,” Feinberg said.
Feinberg, whose law firm receives $850,000 a month from BP to administer the claims facility, released an eight-page letter from Gillers on Dec. 30 that concluded Feinberg and the facility were independent.
“You are not subject to its direction or control,” said Gillers, who was also compensated by BP to review the company’s agreement with Feinberg.’
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