Kenneth Feinberg, who tomorrow will start drawing from a $20 billion escrow fund for Gulf oil spill victims, hasn’t decided whether they must waive their right to sue companies involved if they accept final reimbursement.
“The question of whether or not a final payment will require a claimant to release one defendant, BP Plc, or all defendants, has not yet been resolved by me,” Feinberg said today in a telephone press conference with reporters.
Over the next 90 days the Gulf Coast Claims Facility will first pay out emergency compensation providing as much as six months of reimbursement for losses resulting from the disaster that left 11 people dead and led to the world’s largest accidental oil spill. Those who accept these interim payments retain their right to sue BP and other companies in court, Feinberg said today.
Full story: BP Spill Fund Manager Feinberg Says Victims May Retain Ability to Sue – Bloomberg