Justice Department negotiated with BP Monday making certain the $ 20 billion BP oil spill fund was accessible. BP deposited $ 3 billion into the fund that will compensate victims of the oil spill in the Gulf of Mexico 2010. The fund was set up after BP and Obama met and discussed the situation on June 16. There have been $ 319 million paid for claims already, and BP says its bill has hit $ 6.1 billion total right now. Claims have still been filed by another 100,000 people waiting for an answer. Lawyers do not know how to work with the fund.
Oil spill fund for BP doing well
By the time September is over, BP is supposed to have the deposit put into the BP oil spill fund. Robert Dudley, who replaces Tony Hayward as BP’s chief executive officer on Oct. 1, told Bloomberg that making the deposit ahead of schedule emphasizes the company’s commitment to “making it right within the Gulf.”. Obama explained with this announcement in June that anyone who feels wronged may sue the company on their own, and BP has to look after economic damage and cleanup costs still. $ 5 billion can be put in the fund yearly for the next four years. An additional $ 2 billion will be paid in the fourth quarter this year, and BP will deposit $ 1.25 billion per quarter until the $ 20 billion is reached.
Claims process slowed down for BP
160 branches along the gulf coast of New Orleans-based Whitney National Bank plan to cash BP checks for free. Kenneth Feinberg, the government-appointed administrator of the fund, said a BP oil claims facility should be in operation this month.
BP said that 145,000 oil spill claims had been filed through Aug. 7. 103,900 claims totaling $ 319 million were paid already. As outlined by NPR, residents expect BP to keep them alive economically from the Gulf of Mexico oil spill 2010. There are nevertheless 100,000 people hoping their claims can soon be fulfilled. People think the BP claims process was made to make it harder to get claims fulfilled. You will find some businesses waiting for Feinberg to take over before they even try to get their claims taken care of.
Can’t determine how to use BP oil spill fund
Nobody knows how the BP oil spill fund works although it is publicized enough that everyone knows about 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 do not know how to get the oil claim payments or how to stop the tax hit. And numerous oil spill claimants may not be aware that legal fees on BP oil spill claims aren’t tax deductible. The people running the fund have not answered any of these questions says LBN.
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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