The $ 20 billion BP oil spill fund was made accessible Monday when BP and the Justice Department finished all their negotiations. $ 3 billion within the fund go directly towards oil spill within the Gulf of Mexico 2010 victims. Obama and BP had a meeting on June 16 which is when BP decided the fund needed to be set up. So far, BP said its oil spill costs have totaled $ 6.1 billion, including $ 319 million paid out in BP oil spill claims. Claims have still been filed by another 100,000 people waiting for an answer. Lawyers do not know how to work with the fund.
Better than expected is the BP oil spill fund schedule
BP said it would make the original deposit into the BP oil spill fund by the end of September. By October 1, Robert Dudley will replace Tony Hayward, and he said to Bloomberg the company is showing a commitment to “making it right within the gulf” by staying ahead of schedule. Obama explained with this announcement in June that everyone who feels wronged may sue the company on their own, and BP has to take care of economic damage and cleanup costs still. BP agreed to pay $ 5 billion into the oil spill fund in each of the next four years. Within the fourth quarter of each year, $ 2 billion more will need to be paid with a BP deposit of $ 1.25 billion per quarter until having reached $ 20 billion.
BP getting stopped when fulfilling claims
BP checks will be cashed at any of the 160 branches of the New Orleans-based Whitney National Bank on the coast for free. A BP oil claims facility, according to eh appointed administrator of the fund, Kenneth Feinberg, can be open by the end of this month.
145,000 oil spill claims were filed and on record by August 7. It has paid 103,900 claims worth $ 319 million. According to NPR, residents expect BP to keep them alive economically from the Gulf of Mexico oil spill 2010. But more than 100,000 individuals are nevertheless waiting to hear about their claims. Many say they’re getting the runaround from the BP claims process. Many companies are just waiting for Feinberg to get into his position so the fund can be under his control instead.
Can’t determine how to use BP oil spill fund
Although every person knows about the BP oil spill fund, hardly anyone knows how to access it. As outlined by the Legal Broadcast Network (LBN), no clients or lawyers can figure out how to become a part of the BP oil spill fund. Lawyers don’t know how to get the oil claim payments or how to stop the tax hit. Legal fees on the checks being handed out aren’t tax deductible. The people running the fund haven’t answered any of these questions says LBN.
Further reading
Bloomberg
bloomberg.com/news/2010-08-09/bp-20-billion-oil-spill-compensation-fund-agreement-completed-with-u-s-.html
NPR
npr.org/templates/story/story.php?storyId=129074745
Legal Broadcast Network
thelegalbroadcastnetwork.squarespace.com/the-lbn-blog/2010/8/9/the-bp-oil-spill-compensation-fund-what-is-next-ken-feinberg.html
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